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

StockNews.com started coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research report released on Saturday. The firm issued a buy rating on the stock.

Several other brokerages also recently issued reports on MEIP. Brookline Capital Management downgraded shares of MEI Pharma from a strong-buy rating to a hold rating in a research report on Monday, July 22nd. Stifel Nicolaus reaffirmed a hold rating and issued a $7.00 target price on shares of MEI Pharma in a research report on Friday, April 12th. Finally, Laidlaw downgraded shares of MEI Pharma from a buy rating to a hold rating in a research report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $7.00.

MEI Pharma Price Performance

Shares of NASDAQ MEIP opened at $3.46 on Friday. The company’s 50 day simple moving average is $2.99 and its 200 day simple moving average is $3.55. The firm has a market capitalization of $23.04 million, a P/E ratio of 0.86 and a beta of 0.86. MEI Pharma has a fifty-two week low of $2.73 and a fifty-two week high of $7.87.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Thursday, May 9th. The company reported ($1.37) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.01. Sell-side analysts expect that MEI Pharma will post 3.22 EPS for the current fiscal year.

Institutional Investors Weigh In On MEI Pharma

An institutional investor recently bought a new position in MEI Pharma stock. National Bank of Canada FI purchased a new position in MEI Pharma, Inc. (NASDAQ:MEIP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,000 shares of the company’s stock, valued at approximately $36,000. National Bank of Canada FI owned 0.09% of MEI Pharma as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds 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.