MediciNova, Inc. (MNOV) Given Consensus Recommendation of “Strong Buy” by Brokerages

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Shares of MediciNova, Inc. (NASDAQ:MNOV) have earned an average broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation.

Brokerages have set a 12-month consensus target price of $19.67 for the company and are expecting that the company will post ($0.14) earnings per share for the current quarter, according to Zacks. Zacks has also assigned MediciNova an industry rank of 50 out of 255 based on the ratings given to its competitors.

A number of brokerages recently issued reports on MNOV. BidaskClub upgraded MediciNova from a “strong sell” rating to a “sell” rating in a research note on Tuesday, April 9th. B. Riley restated a “buy” rating and issued a $22.00 price objective on shares of MediciNova in a research note on Monday, March 25th.

MediciNova stock traded down $0.63 during midday trading on Friday, reaching $9.22. The stock had a trading volume of 101,722 shares, compared to its average volume of 58,728. MediciNova has a 12 month low of $6.68 and a 12 month high of $12.91. The stock has a market capitalization of $388.83 million, a P/E ratio of -28.81 and a beta of 1.12.

A number of institutional investors have recently made changes to their positions in MNOV. BlackRock Inc. grew its holdings in MediciNova by 20.9% during the 4th quarter. BlackRock Inc. now owns 2,913,245 shares of the biopharmaceutical company’s stock valued at $23,801,000 after buying an additional 504,452 shares in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in MediciNova by 52.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 266,343 shares of the biopharmaceutical company’s stock valued at $2,180,000 after buying an additional 91,812 shares in the last quarter. Bank of America Corp DE grew its holdings in MediciNova by 231.3% during the 4th quarter. Bank of America Corp DE now owns 35,328 shares of the biopharmaceutical company’s stock valued at $288,000 after buying an additional 24,664 shares in the last quarter. Geode Capital Management LLC grew its holdings in MediciNova by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 416,581 shares of the biopharmaceutical company’s stock valued at $3,403,000 after buying an additional 24,391 shares in the last quarter. Finally, Alps Advisors Inc. grew its holdings in MediciNova by 30.6% during the 4th quarter. Alps Advisors Inc. now owns 96,784 shares of the biopharmaceutical company’s stock valued at $791,000 after buying an additional 22,675 shares in the last quarter. Institutional investors and hedge funds own 21.74% of the company’s stock.

About MediciNova

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction.

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