MediciNova (NASDAQ:MNOV) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

MediciNova, Inc. (NASDAQ:MNOV) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.39 and traded as high as $1.52. MediciNova shares last traded at $1.42, with a volume of 25,441 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on MNOV. Weiss Ratings downgraded shares of MediciNova from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. D. Boral Capital reiterated a “buy” rating and issued a $9.00 price target on shares of MediciNova in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, MediciNova currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.33.

MediciNova Trading Down 4.1%

The business’s 50-day simple moving average is $1.36 and its two-hundred day simple moving average is $1.39. The company has a market capitalization of $69.89 million, a PE ratio of -6.76 and a beta of 0.63.

MediciNova (NASDAQ:MNOV) last announced its earnings results 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. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%.The business had revenue of $0.46 million for the quarter, compared to analyst estimates of $0.07 million. On average, analysts forecast that MediciNova, Inc. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On MediciNova

A number of institutional investors have recently made changes to their positions in MNOV. Citadel Advisors LLC bought a new stake in shares of MediciNova in the third quarter worth $92,000. Goldman Sachs Group Inc. bought a new position in MediciNova during the 4th quarter valued at $35,000. StoneX Group Inc. bought a new position in MediciNova during the 4th quarter valued at $25,000. Jane Street Group LLC acquired a new position in MediciNova during the 4th quarter worth $214,000. Finally, State Street Corp grew its holdings in MediciNova by 10.9% during the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 19,100 shares in the last quarter. 9.90% of the stock is owned by institutional investors and hedge funds.

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.