MediciNova (NASDAQ:MNOV) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

MediciNova, Inc. (NASDAQ:MNOV)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.41 and traded as high as $1.41. MediciNova shares last traded at $1.30, with a volume of 117,957 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MNOV shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. D. Boral Capital restated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research note on Friday, January 30th. Finally, Lucid Cap Mkts raised MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, MediciNova currently has an average rating of “Moderate Buy” and an average price target of $7.00.

MediciNova Trading Down 9.7%

The company’s 50-day moving average is $1.53 and its two-hundred day moving average is $1.41. The stock has a market capitalization of $63.90 million, a P/E ratio of -5.42 and a beta of 0.58.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $0.15 million during the quarter. Sell-side analysts expect that MediciNova, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Citadel Advisors LLC acquired a new position in shares of MediciNova during the third quarter valued at $92,000. Goldman Sachs Group Inc. acquired a new position in MediciNova during the 4th quarter valued at about $35,000. StoneX Group Inc. acquired a new position in MediciNova during the 4th quarter valued at about $25,000. Jane Street Group LLC bought a new stake in shares of MediciNova during the 4th quarter worth about $214,000. Finally, State Street Corp lifted its stake 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 acquiring an additional 19,100 shares during the period. Institutional investors own 9.90% of the company’s stock.

About MediciNova

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.