MEI Pharma (NASDAQ:MEIP) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of MEI Pharma (NASDAQ:MEIP) in a report issued on Wednesday morning. The brokerage issued a buy rating on the stock.

MEI Pharma Stock Performance

Shares of MEI Pharma stock opened at $2.68 on Wednesday. The firm has a market capitalization of $17.86 million, a price-to-earnings ratio of -0.47 and a beta of 0.79. MEI Pharma has a fifty-two week low of $2.30 and a fifty-two week high of $4.67. The stock has a 50 day moving average of $2.67 and a 200 day moving average of $2.87.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings data on Wednesday, February 12th. The company reported ($0.48) earnings per share for the quarter. Analysts forecast that MEI Pharma will post -5.1 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MEIP. Virtu Financial LLC purchased a new position in MEI Pharma in the fourth quarter worth approximately $26,000. Toronto Dominion Bank purchased a new position in shares of MEI Pharma during the fourth quarter worth $62,000. Corsair Capital Management L.P. purchased a new position in shares of MEI Pharma during the third quarter worth $69,000. World Investment Advisors LLC purchased a new position in shares of MEI Pharma during the third quarter worth $71,000. Finally, Northern Trust Corp boosted its position in shares of MEI Pharma by 54.5% during the fourth quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock worth $88,000 after buying an additional 12,561 shares during the period. 52.38% of the stock is currently owned by hedge funds and other institutional investors.

About MEI Pharma

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.