MediciNova (NASDAQ:MNOV) Shares Pass Above 200 Day Moving Average – Time to Sell?

MediciNova, Inc. (NASDAQ:MNOV)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.33 and traded as high as $1.45. MediciNova shares last traded at $1.42, with a volume of 39,238 shares.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MNOV. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a research note on Wednesday, November 5th. D. Boral Capital restated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research report on Friday, October 31st. Finally, Zacks Research raised shares of MediciNova to a “hold” rating in a research note on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

MediciNova Stock Performance

The company has a market capitalization of $70.14 million, a price-to-earnings ratio of -5.72 and a beta of 0.50. The business has a 50 day moving average price of $1.32 and a 200-day moving average price of $1.33.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.12 million during the quarter. As a group, equities analysts predict that MediciNova, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in MediciNova stock. Citadel Advisors LLC purchased a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned about 0.15% of MediciNova at the end of the most recent quarter. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

About MediciNova

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction, as well as prevention of acute respiratory distress syndrome, and long COVID.