MEI Pharma (NASDAQ:MEIP) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

MEI Pharma, Inc. (NASDAQ:MEIP)’s stock price crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.03 and traded as low as $2.94. MEI Pharma shares last traded at $3.17, with a volume of 105,779 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MEIP. Brookline Capital Management cut MEI Pharma from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 22nd. Laidlaw lowered MEI Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, StockNews.com started coverage on shares of MEI Pharma in a research note on Wednesday. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, MEI Pharma currently has a consensus rating of “Hold” and an average price target of $7.00.

MEI Pharma Stock Up 2.8 %

The firm’s 50-day moving average is $2.94 and its 200-day moving average is $3.03. The company has a market capitalization of $21.11 million, a PE ratio of 1.19 and a beta of 0.85.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings data on Thursday, September 19th. The company reported ($1.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.48) by $0.35. As a group, equities research analysts predict that MEI Pharma, Inc. will post -5.1 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in MEI Pharma stock. National Bank of Canada FI raised its holdings in shares of MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 about 0.50% of MEI Pharma worth $94,000 at the end of the most recent reporting period. Institutional investors own 52.38% of the company’s stock.

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.