MEI Pharma (NASDAQ:MEIP) Stock Crosses Below Two Hundred Day Moving Average – Should You Sell?

MEI Pharma, Inc. (NASDAQ:MEIP) shares 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.

Analysts Set New Price Targets

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

MEI Pharma Trading Up 2.3 %

The business has a 50 day moving average price of $2.67 and a 200 day moving average price of $2.84. The company 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 posted its earnings results on Wednesday, February 12th. The company reported ($0.48) earnings per share for the quarter. On average, analysts forecast that MEI Pharma, Inc. will post -5.1 EPS for the current fiscal year.

Institutional Investors Weigh In On MEI Pharma

Several large investors have recently modified their holdings of the business. Corsair Capital Management L.P. acquired a new position in shares of MEI Pharma in the 3rd quarter valued at approximately $69,000. World Investment Advisors LLC bought a new position in MEI Pharma in the third quarter valued at approximately $71,000. Northern Trust Corp boosted its holdings in shares of MEI Pharma by 54.5% in the fourth quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock valued at $88,000 after buying an additional 12,561 shares during the period. Toronto Dominion Bank bought a new stake in shares of MEI Pharma during the fourth quarter worth $62,000. Finally, Virtu Financial LLC acquired a new stake in shares of MEI Pharma during the fourth quarter worth $26,000. 52.38% of the stock is currently 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.