The stock of MEI Pharma, Inc. (NASDAQ:MEIP) is now priced at $2.72 and the shares are 0.07 points up or 2.64% higher compared to its previous closing price of $2.65. The stock had 1.036 million contracts set over the past session. MEIP shares’ daily volume is compared to its average trading volume at 1.674 million shares. However, it has a float of 103 million and although its performance was 5.02% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the MEIP share price recently placing at $2.6 to $2.82. However, some brokerage firms have priced the stock below the average, including one that has called $5.5.
The shorts are climbing into the MEI Pharma, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MEIP shares have risen. Short interest in the stock represents just 6.3% of its float, but the volume has raised by 629938. The volume of shorted shares rised to 6.469 million from 5.839 million shares over the last two weeks. The average intraday trading volume has been 924429 shares, which means that days to cover moved to roughly 6.997317.
In the last trading session, MEI Pharma, Inc. (NASDAQ:MEIP) raised by $0.13 over the week and lost -$0.13 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.46. The stock recorded its established 52-week high on 06/23/20.
Since 03/19/20, the stock has traded to a low of $0.72 at 277.78%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.84. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MEI Pharma, Inc.’s two-week RSI is 45.25. This suggests that the stock is neutral at the moment and that MEIP shares’ price movement remains stable. The stochastic readings are equally revealing at 27.07% meaning the MEIP share price is currently in overbought territory.
The technical chart shows that the MEIP stock will likely settle at between $2.83 and $2.93 per share. However, if the stock dips below $2.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.49.
Currently, the stock is trading in the red of MACD, with a reading of -0.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned MEIP a rating of Buy in their intiating review released on May 29. H.C. Wainwright analysts see the stock as a Buy with a target price of $10 in a flash note released to investors on December 20 initiating covering the stock. H.C. Wainwright analysts see the stock as Buy when the analysts initiated the share price coverage on December 20.
The average rating for the MEIP equity is 1.75 and is currently gathering a bullish momentum. Of 8 analysts tracking MEI Pharma, Inc. polled by Reuters, 0 rated MEIP as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MEI Pharma, Inc. (NASDAQ:MEIP) will decrease by about -96.38%, which will see them reach $45.07 million. The company’s full-year revenues are, however, expected to increase by about 884.15%, up from $4.92 million to $48.42 million. MEIP’s expected adjusted earnings should drop almost -240% to end up at $0.21 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -93.33% to record -$0.05/share.