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

Research analysts at StockNews.com assumed coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research report issued on Wednesday. The brokerage set a “buy” rating on the stock.

MEI Pharma Trading Up 6.8 %

Shares of MEI Pharma stock opened at $2.04 on Wednesday. MEI Pharma has a 12-month low of $1.73 and a 12-month high of $4.10. The firm’s 50 day simple moving average is $2.35 and its two-hundred day simple moving average is $2.62. The firm has a market capitalization of $13.59 million, a price-to-earnings ratio of -0.36 and a beta of 0.75.

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

Institutional Investors Weigh In On MEI Pharma

Large investors have recently bought and sold shares of the company. Toronto Dominion Bank acquired a new stake in MEI Pharma during the 4th quarter valued at approximately $62,000. World Investment Advisors LLC purchased a new stake in MEI Pharma in the third quarter valued at $71,000. Northern Trust Corp grew its position in MEI Pharma by 54.5% during the 4th quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock worth $88,000 after purchasing an additional 12,561 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of MEI Pharma during the 4th quarter valued at about $26,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

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.