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

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

MEIP has been the subject of several other research reports. Stifel Nicolaus reiterated a hold rating and set a $7.00 price target on shares of MEI Pharma in a research note on Friday, April 12th. TheStreet downgraded MEI Pharma from a c- rating to a d+ rating in a research note on Thursday, February 1st.

MEI Pharma Price Performance

Shares of MEIP stock opened at $3.19 on Friday. MEI Pharma has a fifty-two week low of $3.20 and a fifty-two week high of $7.97. The stock’s 50-day moving average is $4.03 and its two-hundred day moving average is $5.44. The firm has a market cap of $21.21 million, a P/E ratio of 1.07 and a beta of 0.77.

MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings results on Tuesday, February 13th. The company reported ($1.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.46) by ($0.20). MEI Pharma had a return on equity of 39.72% and a net margin of 39.06%. As a group, research analysts expect that MEI Pharma will post 3.24 EPS for the current year.

Institutional Trading of MEI Pharma

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in MEI Pharma by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,668,708 shares of the company’s stock valued at $2,965,000 after purchasing an additional 322,969 shares during the period. BlackRock Inc. boosted its stake in MEI Pharma by 2.7% during the 1st quarter. BlackRock Inc. now owns 6,867,423 shares of the company’s stock valued at $4,138,000 after purchasing an additional 177,552 shares during the period. Renaissance Technologies LLC boosted its stake in MEI Pharma by 5.3% during the 1st quarter. Renaissance Technologies LLC now owns 2,804,357 shares of the company’s stock valued at $642,000 after purchasing an additional 140,000 shares during the period. State Street Corp boosted its stake in MEI Pharma by 3.3% during the 1st quarter. State Street Corp now owns 1,949,006 shares of the company’s stock valued at $1,174,000 after purchasing an additional 61,832 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of MEI Pharma in the 2nd quarter worth approximately $829,000. 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.