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

MediciNova, Inc. (NASDAQ:MNOV) has received an average rating of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $7.75.

Several analysts recently commented on MNOV shares. Weiss Ratings upgraded shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Roth Capital began coverage on shares of MediciNova in a research report on Thursday. They set a “buy” rating and a $6.00 target price on the stock.

MediciNova Stock Performance

NASDAQ:MNOV opened at $3.32 on Monday. The stock has a fifty day moving average price of $1.54 and a two-hundred day moving average price of $1.44. The stock has a market capitalization of $163.41 million, a price-to-earnings ratio of -15.81 and a beta of 0.63. MediciNova has a 1 year low of $1.17 and a 1 year high of $3.90.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $0.07 million. On average, analysts predict that MediciNova will post -0.25 EPS for the current year.

Institutional Investors Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp bought a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned approximately 0.16% of MediciNova as of its most recent filing with the Securities and Exchange Commission (SEC). 9.90% of the stock is currently owned by institutional investors and hedge funds.

About MediciNova

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurological, inflammatory, and fibrotic diseases. The company does not currently market an approved product in the United States and instead advances candidates through clinical development and regulatory evaluation.

Its lead compound, MN-166 (ibudilast), is being investigated for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance-use disorders.