MediciNova (NASDAQ:MNOV) Stock Passes Above 200-Day Moving Average – Should You Sell?

MediciNova, Inc. (NASDAQ:MNOV)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.41 and traded as high as $1.41. MediciNova shares last traded at $1.30, with a volume of 117,957 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MNOV shares. D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 29th. Finally, Lucid Cap Mkts raised shares of MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.00.

MediciNova Price Performance

The business’s 50-day moving average price is $1.53 and its two-hundred day moving average price is $1.41. The firm has a market cap of $63.90 million, a price-to-earnings ratio of -5.42 and a beta of 0.58.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Friday, February 20th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $0.15 million for the quarter. Equities analysts predict that MediciNova, Inc. will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of MediciNova

Several hedge funds and other institutional investors have recently bought and sold shares of MNOV. State Street Corp raised its stake in MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after buying an additional 19,100 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of MediciNova during the 4th quarter valued at approximately $214,000. Citadel Advisors LLC bought a new position in MediciNova during the third quarter worth $92,000. Goldman Sachs Group Inc. acquired a new position in MediciNova in the fourth quarter worth $35,000. Finally, StoneX Group Inc. acquired a new position in MediciNova in the fourth quarter worth $25,000. 9.90% of the stock is owned by institutional investors.

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.