MediciNova, Inc. (NASDAQ:MNOV) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $7.50.

Several equities analysts have recently weighed in on MNOV shares. Zacks Research upgraded MediciNova to a “hold” rating in a report on Tuesday, March 17th. HC Wainwright started coverage on MediciNova in a report on Monday, March 16th. They set a “buy” rating and a $10.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a report on Friday, March 27th. D. Boral Capital reaffirmed a “buy” rating and set a $9.00 price objective on shares of MediciNova in a research report on Monday, May 4th. Finally, Maxim Group reaffirmed a “buy” rating and set a $6.00 price objective on shares of MediciNova in a research report on Monday, March 23rd.

Institutional Investors Weigh In On MediciNova

Several institutional investors have recently modified their holdings of the business. State Street Corp boosted its position in shares of 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 during the last quarter. Jane Street Group LLC purchased a new stake in shares of MediciNova during the fourth quarter valued at $214,000. StoneX Group Inc. purchased a new stake in shares of MediciNova during the fourth quarter valued at $25,000. Goldman Sachs Group Inc. purchased a new stake in shares of MediciNova during the fourth quarter valued at $35,000. Finally, Citadel Advisors LLC purchased a new stake in shares of MediciNova during the third quarter valued at $92,000. 9.90% of the stock is owned by hedge funds and other institutional investors.

MediciNova Price Performance

Shares of NASDAQ:MNOV opened at $1.31 on Friday. MediciNova has a 1-year low of $1.17 and a 1-year high of $1.96. The business has a fifty day moving average price of $1.40 and a 200-day moving average price of $1.46. The company has a market capitalization of $64.48 million, a PE ratio of -5.70 and a beta of 0.62.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings results on Friday, May 15th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.The firm had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.19 million. On average, sell-side analysts anticipate that MediciNova will post -0.26 earnings per share for the current fiscal year.

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.