MediciNova, Inc. (NASDAQ:MNOV) Stock Has Average Target Price of $7.75

MediciNova, Inc. (NASDAQ:MNOV) has received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $7.75.

Several analysts have issued reports on MNOV shares. Roth Capital began coverage on shares of MediciNova in a research report on Thursday, September 17th. They set a “buy” rating and a $6.00 price target for the company. Weiss Ratings raised MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Finally, HC Wainwright reiterated a “buy” rating on shares of MediciNova in a report on Tuesday, September 29th.

Insider Buying and Selling at MediciNova

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $2.70, for a total transaction of $1,728,000.00. Following the completion of the sale, the insider directly owned 4,862,047 shares in the company, valued at $13,127,526.90. This represents a 11.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On MediciNova

A hedge fund recently bought a new position in MediciNova stock. Bank of New York Mellon Corp acquired a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned 0.16% of MediciNova as of its most recent filing with the Securities and Exchange Commission (SEC). 9.90% of the stock is owned by institutional investors.

MediciNova Stock Performance

Shares of MediciNova stock opened at $1.45 on Friday. MediciNova has a 52-week low of $1.17 and a 52-week high of $3.90. The company has a fifty day moving average of $1.78 and a 200-day moving average of $1.51. The stock has a market capitalization of $71.37 million, a price-to-earnings ratio of -6.90 and a beta of 0.61.

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

About MediciNova

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for neurological, inflammatory, and other serious medical conditions. The company is headquartered in La Jolla, California, and its programs are primarily directed toward conditions with significant unmet treatment needs.

Its lead investigational product, MN-166 (ibudilast), is being studied in several neurological indications, including amyotrophic lateral sclerosis, progressive multiple sclerosis, and substance use disorders.