MEI Pharma (NASDAQ:MEIP) Shares Cross Below 200 Day Moving Average of $4.02

MEI Pharma, Inc. (NASDAQ:MEIP)’s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.02 and traded as low as $2.84. MEI Pharma shares last traded at $2.85, with a volume of 15,859 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Stifel Nicolaus reissued a “hold” rating and set a $7.00 price target on shares of MEI Pharma in a research report on Friday, April 12th. StockNews.com began coverage on shares of MEI Pharma in a report on Tuesday. They set a “buy” rating for the company.

MEI Pharma Price Performance

The business has a 50 day moving average price of $2.97 and a 200 day moving average price of $3.99. The stock has a market capitalization of $18.78 million, a PE ratio of 0.72 and a beta of 0.86.

MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings data on Thursday, May 9th. The company reported ($1.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.38) by $0.01. On average, equities analysts expect that MEI Pharma, Inc. will post 3.22 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in MEI Pharma stock. Cable Car Capital LLC acquired a new stake in shares of MEI Pharma, Inc. (NASDAQ:MEIP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 611,440 shares of the company’s stock, valued at approximately $3,546,000. MEI Pharma accounts for about 3.9% of Cable Car Capital LLC’s investment portfolio, making the stock its 10th largest holding. Cable Car Capital LLC owned about 9.18% of MEI Pharma at the end of the most recent reporting period. 52.38% of the stock is currently owned by institutional investors and hedge funds.

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.