MEI Pharma (NASDAQ:MEIP) Stock Price Passes Below Two Hundred 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) passed 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 changing hands.

Analyst Ratings Changes

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

MEI Pharma Stock Up 14.7%

The firm's 50-day moving average price is $4.61 and its 200 day moving average price is $3.05. The company has a market capitalization of $104.72 million, a P/E ratio of -0.67 and a beta of 0.38.

Institutional Investors Weigh In On MEI Pharma

A number of institutional investors have recently added to or reduced their stakes in MEIP. Northern Trust Corp grew its position in MEI Pharma by 54.5% in 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 in the last quarter. Toronto Dominion Bank bought a new stake in MEI Pharma in the 4th quarter worth about $62,000. Finally, Rangeley Capital LLC bought a new stake in MEI Pharma in the 2nd quarter worth about $25,000. 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.

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