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

StockNews.com assumed coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research note released on Sunday. The brokerage issued a buy rating on the stock.

MEI Pharma Stock Down 0.4 %

Shares of MEIP opened at $2.30 on Friday. The stock has a 50 day moving average price of $2.63 and a 200 day moving average price of $2.74. The company has a market capitalization of $15.32 million, a price-to-earnings ratio of -0.40 and a beta of 0.76. MEI Pharma has a 52-week low of $2.28 and a 52-week high of $4.15.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter. On average, equities analysts anticipate that MEI Pharma will post -5.1 EPS for the current fiscal year.

Hedge Funds Weigh In On MEI Pharma

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

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.