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

Shares of MediciNova, Inc. (NASDAQ:MNOV) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $7.50.

MNOV has been the topic of several research reports. Maxim Group reissued a “buy” rating and issued a $6.00 target price on shares of MediciNova in a research report on Monday, March 23rd. Zacks Research raised MediciNova to a “hold” rating in a research report on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a research note on Friday, March 27th. HC Wainwright initiated coverage on MediciNova in a research note on Monday, March 16th. They issued a “buy” rating and a $10.00 price objective on the stock. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Monday, May 4th.

Institutional Trading of MediciNova

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. StoneX Group Inc. bought a new stake in MediciNova during the 4th quarter valued at approximately $25,000. Goldman Sachs Group Inc. bought a new stake in MediciNova during the 4th quarter valued at approximately $35,000. Citadel Advisors LLC bought a new stake in MediciNova during the 3rd quarter valued at approximately $92,000. Jane Street Group LLC bought a new stake in MediciNova in the 4th quarter worth approximately $214,000. Finally, State Street Corp increased its stake in MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 19,100 shares during the last quarter. Institutional investors own 9.90% of the company’s stock.

MediciNova Stock Performance

Shares of NASDAQ:MNOV opened at $1.31 on Friday. The stock has a market capitalization of $64.48 million, a price-to-earnings ratio of -5.70 and a beta of 0.62. The stock’s 50-day simple moving average is $1.40 and its two-hundred day simple moving average is $1.46. MediciNova has a 52-week low of $1.17 and a 52-week high of $1.96.

MediciNova (NASDAQ:MNOV) last announced its earnings results on Friday, May 15th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $0.19 million. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%. As a group, equities analysts forecast that MediciNova will post -0.26 earnings per share for the current fiscal year.

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.