MediciNova, Inc. (NASDAQ:MNOV) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of MediciNova, Inc. (NASDAQ:MNOV) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $8.3333.

MNOV has been the subject of several research reports. D. Boral Capital reiterated a “buy” rating and issued a $9.00 price target on shares of MediciNova in a research note on Monday, May 4th. HC Wainwright began coverage on MediciNova in a research report on Monday, March 16th. They set a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research note on Wednesday, June 24th. Maxim Group reissued a “buy” rating and set a $6.00 price objective on shares of MediciNova in a research report on Monday, March 23rd. Finally, Zacks Research raised shares of MediciNova to a “hold” rating in a report on Tuesday, March 17th.

Institutional Trading of MediciNova

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of MediciNova by 10.9% in the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after purchasing an additional 19,100 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of MediciNova in the fourth quarter worth approximately $214,000. Citadel Advisors LLC purchased a new position in shares of MediciNova during the third quarter valued at approximately $92,000. Goldman Sachs Group Inc. bought a new position in MediciNova during the fourth quarter valued at approximately $35,000. Finally, StoneX Group Inc. bought a new position in MediciNova during the fourth quarter valued at approximately $25,000. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

MediciNova Price Performance

NASDAQ MNOV opened at $1.44 on Wednesday. MediciNova has a twelve month low of $1.17 and a twelve month high of $1.96. The firm has a market capitalization of $70.88 million, a PE ratio of -6.26 and a beta of 0.62. The stock’s 50 day moving average is $1.36 and its 200 day moving average is $1.43.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.The business had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.19 million. On average, research analysts anticipate that MediciNova will post -0.26 earnings per share for the current year.

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.