Long Corridor Asset Management Ltd Acquires New Holdings in Lite Strategy, Inc. $LITS

Long Corridor Asset Management Ltd bought a new stake in shares of Lite Strategy, Inc. (NASDAQ:LITS) in the second quarter, Holdings Channel.com reports. The firm bought 1,027,206 shares of the company’s stock, valued at approximately $2,619,000. Lite Strategy accounts for 0.8% of Long Corridor Asset Management Ltd’s portfolio, making the stock its 27th largest position.

Several other large investors also recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in Lite Strategy in the 4th quarter valued at approximately $2,035,000. Marshall Wace LLP acquired a new position in Lite Strategy during the 4th quarter worth $1,002,000. Geode Capital Management LLC bought a new position in shares of Lite Strategy in the fourth quarter worth $437,000. Quarry LP bought a new position in shares of Lite Strategy in the fourth quarter worth $264,000. Finally, XTX Topco Ltd bought a new position in shares of Lite Strategy in the fourth quarter worth $147,000. Institutional investors and hedge funds own 52.38% of the company’s stock.

Lite Strategy Price Performance

Lite Strategy stock opened at $0.99 on Friday. Lite Strategy, Inc. has a 12-month low of $0.69 and a 12-month high of $5.50. The stock has a market capitalization of $33.68 million, a PE ratio of -0.62 and a beta of 0.21. The firm has a 50 day simple moving average of $0.94 and a 200-day simple moving average of $1.04.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on LITS shares. Weiss Ratings lowered Lite Strategy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 6th. Wall Street Zen raised shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

About Lite Strategy

MEI Pharma, Inc, a late-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 that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.