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

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $7.50.

Several research firms have recently weighed in on MNOV. Zacks Research raised MediciNova to a “hold” rating in a report on Tuesday, March 17th. Maxim Group reissued a “buy” rating and set a $6.00 price target on shares of MediciNova in a report on Monday, March 23rd. HC Wainwright began coverage on MediciNova in a research note on Monday, March 16th. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research note on Friday, March 27th. Finally, D. Boral Capital restated a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Monday, May 4th.

MediciNova Price Performance

NASDAQ MNOV opened at $1.39 on Tuesday. The business’s fifty day moving average price is $1.41 and its 200-day moving average price is $1.47. The stock has a market capitalization of $68.42 million, a price-to-earnings ratio of -6.04 and a beta of 0.63. MediciNova has a 1-year low of $1.17 and a 1-year high of $1.96.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings results on Friday, May 15th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $0.19 million. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%. Equities research analysts anticipate that MediciNova will post -0.26 EPS for the current year.

Institutional Investors Weigh In On MediciNova

Several hedge funds and other institutional investors have recently modified their holdings of MNOV. Citadel Advisors LLC purchased a new stake in shares of MediciNova in the 3rd quarter worth $92,000. Goldman Sachs Group Inc. purchased a new stake in shares of MediciNova in the 4th quarter worth $35,000. StoneX Group Inc. purchased a new stake in shares of MediciNova in the 4th quarter worth $25,000. Jane Street Group LLC purchased a new stake in shares of MediciNova in the 4th quarter worth $214,000. Finally, State Street Corp increased 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 purchasing an additional 19,100 shares in the last quarter. 9.90% of the stock is currently 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.