MEI Pharma (NASDAQ:MEIP) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

MEI Pharma, Inc. (NASDAQ:MEIP) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.62 and traded as low as $1.97. MEI Pharma shares last traded at $2.04, with a volume of 32,777 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on MEI Pharma in a report on Wednesday. They set a “buy” rating for the company.

MEI Pharma Price Performance

The firm has a market cap of $13.59 million, a price-to-earnings ratio of -0.36 and a beta of 0.75. The business has a 50-day moving average of $2.35 and a 200-day moving average of $2.62.

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

Institutional Trading of MEI Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in MEI Pharma in the fourth quarter valued at $26,000. Toronto Dominion Bank acquired a new position in shares of MEI Pharma during the fourth quarter worth approximately $62,000. World Investment Advisors LLC acquired a new stake in MEI Pharma in the 3rd quarter valued at $71,000. Finally, Northern Trust Corp increased its stake in MEI Pharma by 54.5% during the 4th quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock valued at $88,000 after purchasing an additional 12,561 shares in the last quarter. 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.