MEI Pharma (NASDAQ:MEIP) Stock Price Passes Below 200 Day Moving Average – Should You Sell?

MEI Pharma, Inc. (NASDAQ:MEIP) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.03 and traded as low as $2.94. MEI Pharma shares last traded at $3.17, with a volume of 105,779 shares changing hands.

Analyst Upgrades and Downgrades

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

MEI Pharma Price Performance

The company’s 50-day moving average is $2.93 and its 200-day moving average is $3.03. The firm has a market capitalization of $20.65 million, a price-to-earnings ratio of 1.16 and a beta of 0.85.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Thursday, September 19th. The company reported ($1.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.48) by $0.35. Sell-side analysts anticipate that MEI Pharma, Inc. will post -5.1 earnings per share for the current year.

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently raised its stake in MEI Pharma stock. National Bank of Canada FI increased its holdings in shares of MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission. 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.