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

Equities research analysts at StockNews.com assumed coverage on shares of MEI Pharma (NASDAQ:MEIP) in a note issued to investors on Thursday. The brokerage set a “buy” rating on the stock.

MEI Pharma Stock Up 5.1 %

NASDAQ MEIP opened at $2.68 on Thursday. The firm has a market cap of $17.86 million, a PE ratio of -0.38 and a beta of 0.79. MEI Pharma has a 52 week low of $2.30 and a 52 week high of $6.26. The company has a 50 day moving average price of $2.77 and a 200 day moving average price of $2.93.

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

Hedge Funds Weigh In On MEI Pharma

A number of institutional investors have recently modified their holdings of MEIP. National Bank of Canada FI raised its position in MEI Pharma by 43.5% during the second quarter. National Bank of Canada FI now owns 33,000 shares of the company’s stock valued at $94,000 after acquiring an additional 10,000 shares in the last quarter. Corsair Capital Management L.P. acquired a new stake in MEI Pharma during the third quarter valued at $69,000. Finally, World Investment Advisors LLC acquired a new position in shares of MEI Pharma in the third quarter worth about $71,000. Hedge funds and other institutional investors 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.