MEI Pharma (NASDAQ:MEIP) Trading Down 5.5%

MEI Pharma, Inc. (NASDAQ:MEIP) dropped 5.5% during mid-day trading on Thursday . The stock traded as low as $3.35 and last traded at $3.46. Approximately 1,117,184 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 1,132,928 shares. The stock had previously closed at $3.66.

MEIP has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of MEI Pharma in a research note on Monday, February 8th. Zacks Investment Research lowered shares of MEI Pharma from a “hold” rating to a “sell” rating in a research note on Tuesday, February 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. MEI Pharma presently has an average rating of “Buy” and an average target price of $10.60.

The firm’s 50 day moving average is $3.55 and its two-hundred day moving average is $3.05. The firm has a market cap of $411.85 million, a P/E ratio of -6.10 and a beta of 1.65.

In other MEI Pharma news, Director Frederick W. Driscoll sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 23rd. The shares were sold at an average price of $4.03, for a total transaction of $100,750.00. 4.42% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in MEIP. BNP Paribas Arbitrage SA raised its holdings in MEI Pharma by 374.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 26,816 shares of the company’s stock worth $84,000 after buying an additional 21,159 shares during the period. Sigma Planning Corp acquired a new stake in MEI Pharma during the 3rd quarter worth approximately $209,000. Wells Fargo & Company MN raised its holdings in MEI Pharma by 13.2% during the 3rd quarter. Wells Fargo & Company MN now owns 753,768 shares of the company’s stock worth $2,352,000 after buying an additional 88,076 shares during the period. California Public Employees Retirement System raised its holdings in MEI Pharma by 2.4% during the 3rd quarter. California Public Employees Retirement System now owns 234,306 shares of the company’s stock worth $731,000 after buying an additional 5,500 shares during the period. Finally, BlackRock Inc. raised its holdings in shares of MEI Pharma by 2.2% in the third quarter. BlackRock Inc. now owns 6,979,687 shares of the company’s stock valued at $21,778,000 after purchasing an additional 147,009 shares during the last quarter. Hedge funds and other institutional investors own 67.61% of the company’s stock.

About MEI Pharma (NASDAQ:MEIP)

MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase II 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 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.

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