MediciNova (NASDAQ:MNOV) Announces Earnings Results, Hits Estimates

MediciNova (NASDAQ:MNOV) posted its earnings results on Thursday. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06), FiscalAI reports. The business had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.05 million. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%.

MediciNova Stock Up 0.7%

NASDAQ MNOV traded up $0.01 during midday trading on Friday, hitting $1.41. The company had a trading volume of 31,130 shares, compared to its average volume of 134,716. The stock has a market cap of $69.40 million, a price-to-earnings ratio of -6.71 and a beta of 0.71. The firm has a fifty day simple moving average of $1.79 and a two-hundred day simple moving average of $1.50. MediciNova has a fifty-two week low of $1.22 and a fifty-two week high of $3.90.

Insider Activity at MediciNova

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $2.70, for a total value of $1,728,000.00. Following the completion of the sale, the insider owned 4,862,047 shares in the company, valued at approximately $13,127,526.90. This trade represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 14.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. HC Wainwright restated a “buy” rating on shares of MediciNova in a report on Tuesday, September 29th. Weiss Ratings raised MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Finally, Roth Capital began coverage on MediciNova in a research note on Thursday, September 17th. They set a “buy” rating and a $6.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, MediciNova has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

MediciNova Company Profile

MediciNova, Inc. (NASDAQ: MNOV) is a clinical-stage biopharmaceutical company based in San Diego, California. The company develops small-molecule therapies for diseases with significant unmet medical needs, with a primary focus on neurological, neurodegenerative, and other serious medical conditions. Its lead development program is MN-166, also known as ibudilast, an orally administered compound with anti-inflammatory and neuroprotective properties. MediciNova has evaluated ibudilast in clinical studies for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance use disorders.