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

Shares of MediciNova, Inc. (NASDAQ:MNOV – Get Free Report) have received an average recommendation of “Moderate Buy” from the six research firms 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 given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $8.3333.

Separately, Weiss Ratings upgraded MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd.

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Institutional Trading of MediciNova

Hedge funds have recently made changes to their positions in the company. State Street Corp boosted 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 worth $254,000 after acquiring an additional 19,100 shares during the period. StoneX Group Inc. bought a new stake in shares of MediciNova during the 4th quarter valued at $25,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova during the 4th quarter worth about $35,000. Citadel Advisors LLC purchased a new stake in MediciNova during the 3rd quarter worth about $92,000. Finally, Bank of New York Mellon Corp purchased a new position in MediciNova during the 2nd quarter valued at about $103,000. 9.90% of the stock is currently owned by institutional investors.

MediciNova Price Performance

MNOV opened at $1.81 on Monday. The company’s 50-day moving average is $1.42 and its 200 day moving average is $1.40. MediciNova has a fifty-two week low of $1.17 and a fifty-two week high of $1.96. The firm has a market capitalization of $89.09 million, a P/E ratio of -8.62 and a beta of 0.63.

MediciNova (NASDAQ:MNOV – Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $0.07 million. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%. On average, equities research analysts expect that MediciNova will post -0.28 earnings per share for the current year.

About MediciNova

(Get Free Report)

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.

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