MEI Pharma (NASDAQ:MEIP) Coverage Initiated at StockNews.com

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

MEI Pharma Stock Up 2.2 %

Shares of MEIP stock opened at $2.35 on Friday. The stock has a market cap of $15.66 million, a price-to-earnings ratio of -0.41 and a beta of 0.76. The firm’s 50 day moving average price is $2.63 and its two-hundred day moving average price is $2.74. MEI Pharma has a fifty-two week low of $2.28 and a fifty-two week high of $4.15.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Virtu Financial LLC bought a new position in MEI Pharma in the fourth quarter worth about $26,000. Corsair Capital Management L.P. bought a new position in shares of MEI Pharma during the 3rd quarter valued at about $69,000. Toronto Dominion Bank acquired a new position in shares of MEI Pharma in the 4th quarter valued at $62,000. World Investment Advisors LLC purchased a new position in shares of MEI Pharma in the third quarter worth approximately $71,000. Finally, Northern Trust Corp raised 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 during the period. Institutional investors and hedge funds 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.