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

StockNews.com initiated coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research note published on Sunday morning. The brokerage issued a buy rating on the stock.

MEI Pharma Price Performance

MEIP stock opened at $2.77 on Friday. MEI Pharma has a 1 year low of $2.61 and a 1 year high of $6.91. The stock has a market capitalization of $18.45 million, a PE ratio of -0.40 and a beta of 0.79. The company’s 50-day moving average is $2.86 and its 200-day moving average is $3.00.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Tuesday, November 12th. The company reported ($1.20) earnings per share (EPS) for the quarter. On average, analysts anticipate that MEI Pharma will post -5.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MEI Pharma

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