MediciNova (NASDAQ:MNOV) Posts Quarterly Earnings Results

MediciNova (NASDAQ:MNOV) posted its earnings results on Friday. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01, FiscalAI reports. The business had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $186.98 million. MediciNova had a negative return on equity of 26.55% and a negative net margin of 1,962.98%.

MediciNova Stock Down 1.4%

MNOV traded down $0.02 on Friday, hitting $1.38. 17,835 shares of the company traded hands, compared to its average volume of 20,139. MediciNova has a 12-month low of $1.17 and a 12-month high of $1.96. The company has a 50 day moving average of $1.41 and a 200-day moving average of $1.46. The stock has a market capitalization of $67.92 million, a PE ratio of -6.00 and a beta of 0.63.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of MediciNova by 10.9% during the fourth 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 during the period. Jane Street Group LLC purchased a new position in MediciNova during the 4th quarter worth $214,000. StoneX Group Inc. acquired a new stake in shares of MediciNova in the 4th quarter worth $25,000. Goldman Sachs Group Inc. acquired a new stake in shares of MediciNova in the 4th quarter worth $35,000. Finally, Citadel Advisors LLC purchased a new stake in shares of MediciNova in the third quarter valued at about $92,000. Institutional investors and hedge funds own 9.90% of the company’s stock.

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.