MediciNova (NASDAQ:MNOV) Issues Earnings Results

MediciNova (NASDAQ:MNOV) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01, FiscalAI reports. The firm had revenue of $0.19 million during the quarter, compared to analysts’ expectations of $0.13 million.

MediciNova Price Performance

Shares of NASDAQ MNOV traded up $0.03 during midday trading on Thursday, hitting $1.40. 22,270 shares of the company’s stock were exchanged, compared to its average volume of 58,028. MediciNova has a twelve month low of $1.17 and a twelve month high of $1.96. The company has a market cap of $68.91 million, a PE ratio of -5.83 and a beta of 0.63. The firm’s fifty day simple moving average is $1.41 and its 200-day simple moving average is $1.46.

Institutional Investors Weigh In On MediciNova

Several hedge funds and other institutional investors have recently made changes to their positions in MNOV. Jane Street Group LLC acquired a new stake in shares of MediciNova during the 4th quarter worth about $214,000. Citadel Advisors LLC acquired a new stake in shares of MediciNova during the 3rd quarter worth about $92,000. Goldman Sachs Group Inc. acquired a new stake in shares of MediciNova during the 4th quarter worth about $35,000. StoneX Group Inc. acquired a new stake in shares of MediciNova during the 4th quarter worth about $25,000. Finally, State Street Corp boosted 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 valued at $254,000 after purchasing an additional 19,100 shares during the period. Institutional investors and hedge funds own 9.90% of the company’s stock.

Wall Street Analyst Weigh In

MNOV has been the topic of several research analyst reports. Zacks Research upgraded MediciNova to a “hold” rating in a report on Tuesday, March 17th. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a report on Friday, March 27th. HC Wainwright initiated coverage on MediciNova in a report on Monday, March 16th. They set a “buy” rating and a $10.00 price target on the stock. D. Boral Capital restated a “buy” rating and set a $9.00 price target on shares of MediciNova in a report on Monday, May 4th. Finally, Maxim Group restated a “buy” rating and set a $6.00 price target on shares of MediciNova in a report on Monday, March 23rd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.50.

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.