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

MediciNova, Inc. (NASDAQ:MNOV) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $8.3333.

MNOV has been the subject of several research analyst reports. D. Boral Capital reissued a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a report on Monday, May 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a report on Wednesday, June 24th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its holdings 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 valued at $254,000 after buying an additional 19,100 shares during the last quarter. StoneX Group Inc. purchased a new position in shares of MediciNova during the fourth quarter worth about $25,000. Goldman Sachs Group Inc. acquired a new position in MediciNova in the 4th quarter valued at about $35,000. Citadel Advisors LLC acquired a new position in MediciNova in the 3rd quarter valued at about $92,000. Finally, Jane Street Group LLC purchased a new stake in MediciNova during the 4th quarter valued at approximately $214,000. 9.90% of the stock is owned by hedge funds and other institutional investors.

MediciNova Stock Down 0.7%

Shares of NASDAQ MNOV opened at $1.33 on Friday. The stock has a market cap of $65.46 million, a PE ratio of -5.78 and a beta of 0.62. MediciNova has a 52-week low of $1.17 and a 52-week high of $1.96. The business has a 50-day moving average price of $1.34 and a 200 day moving average price of $1.43.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings results 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. The firm had revenue of $0.19 million for the quarter, compared to the consensus estimate of $0.19 million. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%. Sell-side analysts anticipate that MediciNova will post -0.26 earnings per share for the current year.

About MediciNova

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.