Latest news with #MEIPharma
Yahoo
a day ago
- Business
- Yahoo
Why Litecoin Soared Over the Weekend
Key Points MEI Pharma announced a $100 million private placement to accumulate Litecoin, as well as the addition of Charlie Lee to its board. The timing comes as Bitcoin hovers around an all-time high and companies like Trump Media add crypto to their books. 10 stocks we like better than Litecoin › Litecoin (CRYPTO: LTC) is on the rise. As of 3:19 p.m. ET on Monday, the crypto was up 12.6% from last Friday at 4 p.m. ET. MEI Pharma announced on Friday that it will initiate a $100 million private placement in order to pursue a Litecoin accumulation strategy. The company also appointed Charlie Lee, the creator of Litecoin, to its board. A bold new strategy Following in the footsteps of companies like Strategy (formerly known as MicroStrategy), Trump Media, and GameStop, MEI Pharma will raise money in order to add a large amount of cryptocurrency to its books, betting that it will appreciate significantly over time. However, MEI's choice of Litecoin is unique; it will be the first publicly traded company on a major exchange to do so. The announcement came just ahead of Trump Media's announcement that it has purchased an additional $2 billion in Bitcoin to add to its books as the original crypto hovers around all-time highs. Crypto is having a moment Bitcoin set a new record last week, topping the $120,000 mark for the first time. There is a wave of enthusiasm in the market as Congress considers major legislation that would create a regulatory framework for the adoption of crypto in traditional banking and finance. Litecoin, like most altcoins, generally follows the movement of Bitcoin. Frankly, I don't see much of a reason to invest in it compared to Bitcoin. Should you buy stock in Litecoin right now? Before you buy stock in Litecoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Litecoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,056,790!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy. Why Litecoin Soared Over the Weekend was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
MEI Pharma (MEIP) Becomes the First and Only Publicly Traded LTC Holder on a National Exchange
MEI Pharma, Inc. (NASDAQ:MEIP) is one of the . On July 18, MEI Pharma, Inc. (NASDAQ:MEIP) announced securities purchase agreements for a private investment in public equity (PIPE) for the sale and purchase of 29,239,767 shares of common stock at a price of $3.42 per share. A modern pharmaceutical laboratory with research scientists working at their desks. The expected aggregate gross proceeds for the transaction come up to approximately $100 million before the exclusion of placement agent fees and other estimated offering expenses. MEI Pharma, Inc. (NASDAQ:MEIP) has plans to use all of the net proceeds for the launch of its treasury strategy focused on Litecoin. The transaction is thus a notable milestone for the company's long-term strategic plan, establishing MEI Pharma, Inc. (NASDAQ:MEIP) as the first and only publicly traded company to adopt Litecoin as a treasury reserve asset. Often referred to as 'silver to Bitcoin's gold,' Litecoin is a peer-to-peer cryptocurrency that Charlie Lee created in October 2011. The integration of Litecoin into its treasury operations has allowed MEI Pharma, Inc. (NASDAQ:MEIP) access to a decentralized monetary asset that complements its cash management framework. MEI Pharma, Inc. (NASDAQ:MEIP) is a pharmaceutical company that develops pharmaceutical compounds. Its programs include Voruciclib and ME-344. While we acknowledge the potential of MEIP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
MEI Pharma (MEIP) Becomes the First and Only Publicly Traded LTC Holder on a National Exchange
MEI Pharma, Inc. (NASDAQ:MEIP) is one of the . On July 18, MEI Pharma, Inc. (NASDAQ:MEIP) announced securities purchase agreements for a private investment in public equity (PIPE) for the sale and purchase of 29,239,767 shares of common stock at a price of $3.42 per share. A modern pharmaceutical laboratory with research scientists working at their desks. The expected aggregate gross proceeds for the transaction come up to approximately $100 million before the exclusion of placement agent fees and other estimated offering expenses. MEI Pharma, Inc. (NASDAQ:MEIP) has plans to use all of the net proceeds for the launch of its treasury strategy focused on Litecoin. The transaction is thus a notable milestone for the company's long-term strategic plan, establishing MEI Pharma, Inc. (NASDAQ:MEIP) as the first and only publicly traded company to adopt Litecoin as a treasury reserve asset. Often referred to as 'silver to Bitcoin's gold,' Litecoin is a peer-to-peer cryptocurrency that Charlie Lee created in October 2011. The integration of Litecoin into its treasury operations has allowed MEI Pharma, Inc. (NASDAQ:MEIP) access to a decentralized monetary asset that complements its cash management framework. MEI Pharma, Inc. (NASDAQ:MEIP) is a pharmaceutical company that develops pharmaceutical compounds. Its programs include Voruciclib and ME-344. While we acknowledge the potential of MEIP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
4 days ago
- Business
- Business Insider
Why Is MEI Pharma Stock (MEIP) Up 85% Today?
MEI Pharma (MEIP) stock surged on Friday after the pharmaceutical company announced a private investment in public equity (PIPE) for 29,239,767 shares of MEIP stock. The company will sell these shares for $3.42 each, resulting in gross proceeds of roughly $100 million. The company will use these funds to purchase Litecoin (LTC), creating a crypto reserve of the digital tokens. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. In addition to this, Litecoin creator Charlie Lee will join the MEI Pharma Board of Directors. It will also appoint digital asset market maker GSR as the company's digital asset and treasury management advisor. Lee and GSR are lead investors in the PIPE. Frederick W. Driscoll, Chairman of the Board at MEI Pharma, said, 'MEI is pleased to pioneer this innovative public company treasury strategy with GSR and Charlie Lee, the first to our knowledge in the biotech sector.' MEI Pharma Stock Movement Today MEIP stock was up 86.22% in pre-market trading on Friday, extending a 16.58% rally yesterday. The stock has also increased 82.93% year to date and 57.34% over the past 12 months. Today's movement came with heavy trading, as some 13 million shares changed hands, compared to a three-month daily average of about 26,000 shares. Is MEI Pharma Stock a Buy, Sell, or Hold? Turning to Wall Street, coverage of MEI Pharma is lacking. However, TipRanks' AI analyst Spark has it covered. Spark rates MEI stock a Neutral (41) with no price target. It cites 'significant financial performance challenges and poor valuation metrics' as reasons for this stance.
Yahoo
5 days ago
- Business
- Yahoo
Dinosaur Coins ETC, BCH and DOGE Roar Back as Altcoin Season Heats Up
The highly-anticipated altcoin season is finally here. After bitcoin BTC broke record highs last week and consolidated this week, the way opened for capital to rotate into the more speculative altcoin market. Friday's top performers are known as dinosaur coins, many of which were created before the 2017 bull market. Ethereum classic (ETC) leads the pack with a 24-hour surge of 20% after breaking through the $20.27 level of resistance. It still faces a stern test at $25.00, a level it rejected exactly one year ago before plummeting to $15.80. ETC's growing popularity is reflected in its trading volume. That tripled to $756 million, showing the move is backed by traders who are rolling capital from sector to sector in true "altcoin season" style. Litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE) and of course XRP also posted notable gains. And all rose to stardom as retail investors poured capital into the 2017 cycle. LTC is up in part because of MEI Pharma's $100 million LTC fund with the project's founder, Charlie Lee, taking a board seat. But it's also due to a general rotation into legacy coins that stuttered during this week's ferocious altcoin move. Uniswap (UNI), which was actually released slightly later than the others, in 2020, also climbed 20%, and as volume topped $1.7 billion — a 70% increase. It is now trading above the $8.11 and $10.33 levels of resistance as it looks to move up towards $12.09, a level that caused several rejections during the middle of last year. What does Friday's move mean? The rotation into dinosaur coins can be looked at one of two ways. Either it is a bullish scenario in which traders are flipping their gains and moving methodically from sector to sector, or it is the early etchings of a cycle high, with traders attempting to squeeze the final scraps of profit before a the market enters a correction. There are several technical indicators that first, bullish, scenario is the most likely, including a series of breakouts above months-old levels of resistance. If, however, bitcoin tumbles below $110,000 altcoins will suffer a complete wipeout. Open interest on several altcoins suggests the recent move has been backed with leverage. Dogecoin open interest is up at $2 billion, a 30% rise in 24 hours, while uniswap's is up by 35% to $389 million, Coinalyze data shows. This means that if the market experiences a broader sell-off, leveraged altcoin positions will unwind, leading to liquidations and subsequent pressure to sell. Coupled with the reduced liquidity and lower market depth of altcoins, several tokens could face a decline in excess of 10%. The ideal scenario for altcoins is bitcoin climbing above the $124,000, a level of resistance, and moving higher before another period of consolidation. That would allow capital to rotate without the risk of an immediate correction.
