MEI Pharma (NASDAQ:MEIP) Share Price Crosses Below 200-Day Moving Average – Time to Sell?

MEI Pharma, Inc. (NASDAQ:MEIP)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.84 and traded as low as $2.56. MEI Pharma shares last traded at $2.62, with a volume of 9,351 shares traded.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on MEI Pharma in a research note on Thursday. They issued a “buy” rating on the stock.

MEI Pharma Stock Performance

The firm’s 50-day simple moving average is $2.67 and its 200 day simple moving average is $2.84. The stock has a market capitalization of $17.46 million, a P/E ratio of -0.46 and a beta of 0.79.

MEI Pharma (NASDAQ:MEIP) last released its earnings results on Wednesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter. As a group, research analysts expect that MEI Pharma, Inc. will post -5.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MEI Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Northern Trust Corp increased its stake in shares of MEI Pharma by 54.5% during the 4th quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock worth $88,000 after purchasing an additional 12,561 shares during the last quarter. Toronto Dominion Bank bought a new stake in MEI Pharma in the fourth quarter valued at approximately $62,000. World Investment Advisors LLC bought a new stake in MEI Pharma in the 3rd quarter valued at $71,000. Corsair Capital Management L.P. acquired a new stake in MEI Pharma during the 3rd quarter valued at $69,000. Finally, Virtu Financial LLC acquired a new stake in shares of MEI Pharma during the 4th quarter worth about $26,000. 52.38% of the stock is owned by institutional investors.

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.