MEI Pharma (NASDAQ:MEIP) Stock Crosses Below 200-Day Moving Average - Here's What Happened

Key Points

• MEI Pharma's stock price fell below its 200-day moving average, reaching a low of $2.85, with the last trade at $3.19.
• Analysts at Wall Street Zen have downgraded MEI Pharma's rating from "hold" to "sell" as of September 6th.
• Institutional investors currently own 52.38% of MEI Pharma's stock, with significant increases in holdings by firms like Northern Trust Corp and new stakes by Toronto Dominion Bank.

MEI Pharma, Inc. (NASDAQ:MEIP - Get Free Report)'s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.05 and traded as low as $2.85. MEI Pharma shares last traded at $3.19, with a volume of 3,979,920 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of MEI Pharma from a "hold" rating to a "sell" rating in a report on Saturday, September 6th.

MEI Pharma Stock Performance

The business's 50-day moving average is $4.65 and its 200-day moving average is $3.06. The company has a market capitalization of $104.72 million, a PE ratio of -0.67 and a beta of 0.38.

Institutional Trading of MEI Pharma

Hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank purchased a new stake in MEI Pharma in the 4th quarter worth approximately $62,000. Northern Trust Corp grew its position in MEI Pharma by 54.5% during 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. Finally, Rangeley Capital LLC purchased a new position in MEI Pharma in the second quarter valued at $25,000. Hedge funds and other institutional investors own 52.38% of the company's stock.

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.