MediciNova (NASDAQ:MNOV) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of MediciNova, Inc. (NASDAQ:MNOV) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.36 and traded as high as $1.69. MediciNova shares last traded at $1.66, with a volume of 91,146 shares.

Analysts Set New Price Targets

MNOV has been the topic of several recent research reports. Lucid Cap Mkts upgraded MediciNova to a “strong-buy” rating in a research report on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Finally, D. Boral Capital reissued a “buy” rating and set a $9.00 price target on shares of MediciNova in a research note on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MediciNova currently has a consensus rating of “Moderate Buy” and an average price target of $7.00.

MediciNova Price Performance

The company has a market cap of $81.59 million, a PE ratio of -6.64 and a beta of 0.52. The business has a 50 day moving average of $1.45 and a 200 day moving average of $1.36.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Wednesday, November 12th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.12 million for the quarter. Sell-side analysts forecast that MediciNova, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Citadel Advisors LLC acquired a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned approximately 0.15% of MediciNova as of its most recent filing with the SEC. Institutional investors and hedge funds own 9.90% of the company’s stock.

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.