StockNews.com Initiates Coverage on MEI Pharma (NASDAQ:MEIP)

StockNews.com initiated coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research note issued to investors on Wednesday morning. The firm issued a buy rating on the stock.

Several other research analysts have also recently issued reports on MEIP. Laidlaw cut shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Brookline Capital Management lowered MEI Pharma from a “strong-buy” rating to a “hold” rating in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, MEI Pharma has an average rating of “Hold” and a consensus target price of $7.00.

MEI Pharma Price Performance

MEI Pharma stock opened at $3.11 on Wednesday. The stock has a market cap of $20.71 million, a PE ratio of 1.16 and a beta of 0.85. The stock’s fifty day moving average is $2.94 and its two-hundred day moving average is $3.03. MEI Pharma has a 1-year low of $2.61 and a 1-year high of $7.87.

MEI Pharma (NASDAQ:MEIP) last issued its earnings results on Thursday, September 19th. The company reported ($1.13) earnings per share for the quarter, topping the consensus estimate of ($1.48) by $0.35. On average, research analysts expect that MEI Pharma will post -5.1 earnings per share for the current fiscal year.

Institutional Trading of MEI Pharma

A hedge fund recently raised its stake in MEI Pharma stock. National Bank of Canada FI lifted its holdings in shares of MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,000 shares of the company’s stock after buying an additional 10,000 shares during the period. National Bank of Canada FI owned approximately 0.50% of MEI Pharma worth $94,000 at the end of the most recent quarter. 52.38% of the stock is owned by institutional investors.

MEI Pharma Company Profile

MEI Pharma, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor for the treatment of patients with relapsed/refractory follicular lymphoma; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase I clinical trial for acute myeloid leukemia and B-cell malignancies.