MediciNova (NASDAQ:MNOV) Rating Increased to Strong-Buy at Roth Capital

MediciNova (NASDAQ:MNOV) was upgraded by investment analysts at Roth Capital to a “strong-buy” rating in a report released on Thursday, Zacks reports.

Separately, Weiss Ratings upgraded MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.75.

MediciNova Trading Up 36.9%

Shares of NASDAQ:MNOV opened at $3.45 on Thursday. The firm has a market cap of $169.81 million, a price-to-earnings ratio of -16.43 and a beta of 0.63. MediciNova has a 1 year low of $1.17 and a 1 year high of $3.90. The business has a fifty day simple moving average of $1.50 and a 200 day simple moving average of $1.43.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating 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 firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $0.07 million. On average, sell-side analysts forecast that MediciNova will post -0.28 EPS for the current year.

Institutional Investors Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned about 0.16% of MediciNova as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 9.90% of the company’s stock.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurological, inflammatory, and fibrotic diseases. The company does not currently market an approved product in the United States and instead advances candidates through clinical development and regulatory evaluation.

Its lead compound, MN-166 (ibudilast), is being investigated for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance-use disorders.