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

MediciNova, Inc. (NASDAQ:MNOV) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $8.3333.

Several brokerages have commented on MNOV. D. Boral Capital restated a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a report on Monday, May 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a report on Wednesday, June 24th.

MediciNova Trading Up 0.8%

Shares of NASDAQ MNOV opened at $1.32 on Friday. The firm has a fifty day simple moving average of $1.35 and a two-hundred day simple moving average of $1.44. MediciNova has a 12 month low of $1.17 and a 12 month high of $1.96. The firm has a market capitalization of $64.97 million, a PE ratio of -5.74 and a beta of 0.62.

MediciNova (NASDAQ:MNOV) last announced its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 27.28%. The firm had revenue of $0.19 million for the quarter, compared to analyst estimates of $0.19 million. On average, sell-side analysts predict that MediciNova will post -0.26 earnings per share for the current year.

Institutional Investors Weigh In On MediciNova

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. StoneX Group Inc. purchased a new stake in MediciNova in the fourth quarter worth $25,000. Goldman Sachs Group Inc. purchased a new position in MediciNova during the fourth quarter valued at $35,000. Citadel Advisors LLC bought a new stake in shares of MediciNova during the 3rd quarter valued at $92,000. Jane Street Group LLC bought a new stake in shares of MediciNova during the 4th quarter valued at $214,000. Finally, State Street Corp grew its position in shares of MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after buying an additional 19,100 shares during the period. 9.90% of the stock is owned by hedge funds and other institutional investors.

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.