MediciNova (NASDAQ:MNOV) Issues Earnings Results, Beats Estimates By $0.01 EPS

MediciNova (NASDAQ:MNOV) released its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01, FiscalAI reports. The business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $0.07 million. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.

MediciNova Stock Performance

Shares of MNOV stock traded down $0.02 during mid-day trading on Thursday, reaching $1.31. 22,161 shares of the company’s stock traded hands, compared to its average volume of 34,609. The firm has a market capitalization of $64.48 million, a PE ratio of -5.70 and a beta of 0.63. MediciNova has a 12 month low of $1.17 and a 12 month high of $1.96. The firm has a 50 day moving average price of $1.34 and a two-hundred day moving average price of $1.41.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings downgraded MediciNova from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. D. Boral Capital reiterated a “buy” rating and issued a $9.00 price target on shares of MediciNova in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, MediciNova presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.33.

Hedge Funds Weigh In On MediciNova

Several institutional investors and hedge funds have recently bought and sold shares of MNOV. StoneX Group Inc. purchased a new stake in MediciNova in the fourth quarter worth about $25,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova in the 4th quarter worth approximately $35,000. Citadel Advisors LLC bought a new stake in MediciNova during the 3rd quarter worth approximately $92,000. Jane Street Group LLC purchased a new position in MediciNova during the fourth quarter valued at approximately $214,000. Finally, State Street Corp boosted its position in shares of MediciNova by 10.9% in 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. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

About MediciNova

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.