MediciNova’s (MNOV) Buy Rating Reaffirmed at Maxim Group

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reissued by research analysts at Maxim Group in a report issued on Monday,Benzinga reports. They currently have a $6.00 price objective on the biopharmaceutical company’s stock. Maxim Group’s target price points to a potential upside of 284.62% from the stock’s current price.

MNOV has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research note on Monday, December 29th. D. Boral Capital reiterated a “buy” rating and set a $9.00 price target on shares of MediciNova in a report on Friday, January 30th. HC Wainwright initiated coverage on MediciNova in a report on Monday, March 16th. They issued a “buy” rating and a $10.00 price objective on the stock. Zacks Research upgraded shares of MediciNova to a “hold” rating in a research note on Tuesday, March 17th. Finally, Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. 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 given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.50.

MediciNova Stock Up 12.2%

MNOV stock opened at $1.56 on Monday. MediciNova has a 12-month low of $1.13 and a 12-month high of $1.96. The company has a market cap of $76.78 million, a price-to-earnings ratio of -6.50 and a beta of 0.58. The company has a 50 day moving average of $1.54 and a two-hundred day moving average of $1.42.

MediciNova (NASDAQ:MNOV) last posted 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 company had revenue of $0.15 million for the quarter. On average, research analysts anticipate that MediciNova will post -0.24 EPS for the current year.

Institutional Trading of MediciNova

Hedge funds and other institutional investors have recently bought and sold shares of the stock. StoneX Group Inc. bought a new position in MediciNova during the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. bought a new stake in MediciNova in the fourth quarter valued at $35,000. Citadel Advisors LLC acquired a new stake in shares of MediciNova during the 3rd quarter worth about $92,000. Jane Street Group LLC acquired a new stake in shares of MediciNova during the fourth quarter worth approximately $214,000. Finally, State Street Corp raised its position in 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 last quarter. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.