MEI Pharma (NASDAQ:MEIP) Stock Passes Below Two Hundred Day Moving Average of $3.29

MEI Pharma, Inc. (NASDAQ:MEIP) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.29 and traded as low as $2.97. MEI Pharma shares last traded at $3.02, with a volume of 5,755 shares traded.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Brookline Capital Management cut shares of MEI Pharma from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 22nd. Laidlaw lowered shares of MEI Pharma from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, StockNews.com initiated coverage on shares of MEI Pharma in a research note on Thursday. They set a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, MEI Pharma currently has an average rating of “Hold” and an average price target of $7.00.

MEI Pharma Price Performance

The stock’s 50 day moving average is $3.18 and its two-hundred day moving average is $3.28. The stock has a market capitalization of $20.51 million, a PE ratio of 0.79 and a beta of 0.86.

Hedge Funds Weigh In On MEI Pharma

An institutional investor recently raised its position in MEI Pharma stock. National Bank of Canada FI raised its stake in MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,000 shares of the company’s stock after purchasing an additional 10,000 shares during the period. National Bank of Canada FI owned 0.50% of MEI Pharma worth $94,000 as of its most recent SEC filing. 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.