MediciNova, Inc. (NASDAQ:MNOV) Stock Has Average Target Price of $7.75 According to Analysts

Shares of MediciNova, Inc. (NASDAQ:MNOV) have been given a consensus rating of “Moderate Buy” by the seven research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $7.75.

Several research firms have recently commented on MNOV. Weiss Ratings upgraded MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. HC Wainwright reaffirmed a “buy” rating on shares of MediciNova in a report on Tuesday, September 29th. Finally, Roth Capital started coverage on MediciNova in a research report on Thursday, September 17th. They set a “buy” rating and a $6.00 target price on the stock.

Insider Buying and Selling

In other MediciNova news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the company’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $2.70, for a total value of $1,728,000.00. Following the completion of the sale, the insider owned 4,862,047 shares in the company, valued at $13,127,526.90. This represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 14.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in MediciNova stock. Bank of New York Mellon Corp bought a new position in MediciNova, Inc. (NASDAQ:MNOV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned approximately 0.16% of MediciNova as of its most recent filing with the Securities & Exchange Commission. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

MediciNova Trading Down 2.6%

Shares of NASDAQ:MNOV opened at $1.50 on Friday. The firm’s 50 day moving average price is $1.78 and its 200-day moving average price is $1.51. MediciNova has a twelve month low of $1.17 and a twelve month high of $3.90.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $0.46 million for the quarter, compared to the consensus estimate of $0.07 million. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. As a group, analysts predict that MediciNova will post -0.25 EPS for the current fiscal year.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for neurological, inflammatory, and other serious medical conditions. The company is headquartered in La Jolla, California, and its programs are primarily directed toward conditions with significant unmet treatment needs.

Its lead investigational product, MN-166 (ibudilast), is being studied in several neurological indications, including amyotrophic lateral sclerosis, progressive multiple sclerosis, and substance use disorders.