MEI Pharma (NASDAQ:MEIP) Share Price Crosses Below Two Hundred Day Moving Average of $4.02

Shares of MEI Pharma, Inc. (NASDAQ:MEIP) crossed 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.

Wall Street Analyst Weigh In

Several brokerages have commented on MEIP. StockNews.com started coverage on MEI Pharma in a research report on Tuesday. They issued a “buy” rating on the stock. Stifel Nicolaus reaffirmed a “hold” rating and issued a $7.00 price target on shares of MEI Pharma in a research note on Friday, April 12th.

MEI Pharma Stock Down 2.1 %

The firm has a 50 day moving average of $2.99 and a 200-day moving average of $4.02. The company has a market cap of $18.98 million, a P/E ratio of 0.73 and a beta of 0.86.

MEI Pharma (NASDAQ:MEIP) last issued its earnings results on Thursday, May 9th. The company reported ($1.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.38) by $0.01. On average, research analysts predict that MEI Pharma, Inc. will post 3.22 EPS for the current fiscal year.

Institutional Investors Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. Cable Car Capital LLC purchased a new stake in MEI Pharma, Inc. (NASDAQ:MEIP) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 611,440 shares of the company’s stock, valued at approximately $3,546,000. MEI Pharma makes up 3.9% of Cable Car Capital LLC’s holdings, making the stock its 10th largest holding. Cable Car Capital LLC owned 9.18% of MEI Pharma at the end of the most recent quarter. 52.38% of the stock is currently owned by institutional investors.

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.