MediciNova (NASDAQ:MNOV) Earns “Buy” Rating from Maxim Group

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reiterated by equities researchers at Maxim Group in a report released on Monday,Benzinga reports. They presently have a $6.00 target price on the biopharmaceutical company’s stock. Maxim Group’s target price would suggest a potential upside of 313.79% from the stock’s previous close.

Several other brokerages also recently commented on MNOV. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 29th. Zacks Research upgraded MediciNova to a “hold” rating in a report on Tuesday, March 17th. 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. Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. Finally, HC Wainwright initiated coverage on shares of MediciNova in a research report on Monday, March 16th. They set a “buy” rating and a $10.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.50.

MediciNova Stock Performance

Shares of NASDAQ MNOV opened at $1.45 on Monday. MediciNova has a 12-month low of $1.13 and a 12-month high of $1.96. The company has a market cap of $71.37 million, a P/E ratio of -6.04 and a beta of 0.58. The stock has a fifty day moving average price of $1.54 and a 200 day moving average price of $1.42.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings data on Friday, February 20th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.05. The company had revenue of $0.15 million during the quarter. On average, sell-side analysts forecast that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.