Lite Strategy (NASDAQ:LITS) Board of Directors Declares Stock Buyback Program

Lite Strategy (NASDAQ:LITS) declared that its board has initiated a stock repurchase program on Wednesday, October 29th, RTT News reports. The company plans to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 36.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Lite Strategy Stock Performance

Shares of LITS stock opened at $2.08 on Thursday. The company has a market capitalization of $74.15 million, a PE ratio of -0.44 and a beta of 0.36. Lite Strategy has a fifty-two week low of $1.46 and a fifty-two week high of $9.00.

Wall Street Analysts Forecast Growth

LITS has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Lite Strategy in a research report on Wednesday, October 8th. Wall Street Zen upgraded Lite Strategy from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Lite Strategy currently has an average rating of “Sell”.

Lite Strategy Company Profile

MEI Pharma, Inc, a late-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 that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.