Lite Strategy (NASDAQ:LITS) Board of Directors Approves Stock Repurchase Plan

Lite Strategy (NASDAQ:LITS) declared that its Board of Directors has approved a share repurchase program on Wednesday, October 29th, RTT News reports. The company plans to buyback $25.00 million in shares. This buyback authorization allows the company to buy up to 36.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Lite Strategy Price Performance

Shares of Lite Strategy stock opened at $2.09 on Friday. The company has a market capitalization of $74.51 million, a P/E ratio of -0.44 and a beta of 0.36. Lite Strategy has a fifty-two week low of $1.46 and a fifty-two week high of $9.00.

Analysts Set New Price Targets

LITS has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Lite Strategy from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lite Strategy in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently 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.