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

Equities research analysts at StockNews.com started coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research note issued on Tuesday. The firm set a “buy” rating on the stock.

MEI Pharma Price Performance

NASDAQ MEIP opened at $2.52 on Tuesday. MEI Pharma has a 12 month low of $2.48 and a 12 month high of $6.52. The company has a market capitalization of $16.79 million, a price-to-earnings ratio of -0.36 and a beta of 0.79. The firm’s fifty day moving average price is $2.84 and its 200 day moving average price is $2.97.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.20) earnings per share for the quarter. As a group, sell-side analysts forecast that MEI Pharma will post -5.1 earnings per share for the current year.

Institutional Investors Weigh In On MEI Pharma

Several hedge funds have recently modified their holdings of the stock. Corsair Capital Management L.P. purchased a new position in MEI Pharma during the 3rd quarter worth $69,000. World Investment Advisors LLC purchased a new position in MEI Pharma during the third quarter worth about $71,000. Finally, National Bank of Canada FI lifted its position in MEI Pharma by 43.5% in the second quarter. National Bank of Canada FI now owns 33,000 shares of the company’s stock valued at $94,000 after purchasing an additional 10,000 shares during the period. 52.38% of the stock is owned by institutional investors and hedge funds.

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.