MEI Pharma (NASDAQ:MEIP) Trading Up 14.3%

MEI Pharma Inc (NASDAQ:MEIP)’s stock price was up 14.3% during trading on Monday . The company traded as high as $1.84 and last traded at $1.76, approximately 483,794 shares traded hands during mid-day trading. An increase of 62% from the average daily volume of 298,793 shares. The stock had previously closed at $1.54.

A number of equities analysts have recently commented on MEIP shares. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of MEI Pharma in a report on Monday, June 24th. ValuEngine lowered shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Zacks Investment Research lowered shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $7.08.

The company has a market cap of $121.19 million, a PE ratio of -2.28 and a beta of 1.73. The stock’s 50 day moving average price is $1.83 and its 200-day moving average price is $2.66.

Institutional investors have recently made changes to their positions in the company. Two Sigma Advisers LP purchased a new stake in shares of MEI Pharma in the 4th quarter valued at $46,000. Cubist Systematic Strategies LLC purchased a new stake in shares of MEI Pharma in the 2nd quarter worth about $46,000. A.R.T. Advisors LLC lifted its position in shares of MEI Pharma by 55.6% in the 2nd quarter. A.R.T. Advisors LLC now owns 22,117 shares of the company’s stock worth $55,000 after purchasing an additional 7,900 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of MEI Pharma in the 2nd quarter worth about $56,000. Finally, Algert Global LLC purchased a new stake in shares of MEI Pharma in the 1st quarter worth about $58,000. 64.77% of the stock is owned by institutional investors.

About MEI Pharma (NASDAQ:MEIP)

MEI Pharma, Inc, a pharmaceutical company, focuses on the clinical development of novel therapies for the treatment of cancer. The company's clinical drug candidate includes Pracinostat, an oral available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome.

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