MediciNova (NASDAQ:MNOV) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

MediciNova, Inc. (NASDAQ:MNOV)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.36 and traded as high as $1.69. MediciNova shares last traded at $1.66, with a volume of 91,146 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MNOV. D. Boral Capital reiterated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research note on Thursday, December 18th. Lucid Cap Mkts raised shares of MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, MediciNova currently has a consensus rating of “Moderate Buy” and an average target price of $7.00.

MediciNova Price Performance

The company’s fifty day simple moving average is $1.46 and its 200-day simple moving average is $1.36. The firm has a market capitalization of $91.42 million, a PE ratio of -7.44 and a beta of 0.52.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.12 million for the quarter. Analysts forecast that MediciNova, Inc. will post -0.24 earnings per share for the current year.

Institutional Trading of MediciNova

An institutional investor recently bought a new position in MediciNova stock. Citadel Advisors LLC bought a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned about 0.15% of MediciNova as of its most recent SEC filing. Hedge funds and other institutional investors own 9.90% of the company’s stock.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel small-molecule therapeutics for neurodegenerative, inflammatory, fibrotic and oncological diseases. Founded in the late 1990s, the company advances its proprietary compounds through clinical trials and strategic partnerships, with a goal of addressing areas of high unmet medical need. MediciNova is headquartered in San Diego, California, and maintains a presence in Tokyo to support collaborations and regulatory interactions in Asian markets.

The company’s leading clinical asset, MN-166 (ibudilast), is an anti-inflammatory and neuroprotective agent originally approved in Japan for asthma and post-stroke dizziness.