MediciNova, Inc. (NASDAQ:MNOV) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analysts give MediciNova a “Moderate Buy” consensus: Four of seven analysts rate the stock a buy, one rates it a strong buy, and the average 12-month price target is $7.75.
• A major shareholder sold 640,000 shares at an average price of $2.70, reducing its stake by 11.63%; insiders still own 14% of the company, while institutional investors own 9.9%.
• MNOV opened at $1.54, with a market capitalization of about $75.8 million. In its latest quarter, the company reported a narrower-than-expected loss of $0.05 per share and revenue of $0.46 million.

Shares of MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the seven analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $7.75.

MNOV has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of MediciNova from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, September 2nd. Roth Capital assumed coverage on MediciNova in a report on Thursday, September 17th. They set a "buy" rating and a $6.00 price target for the company. Finally, HC Wainwright reaffirmed a "buy" rating on shares of MediciNova in a research note on Tuesday, September 29th.

Insider Activity

In other news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the firm's stock in a transaction that occurred on Friday, September 25th. The shares were 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 owned 4,862,047 shares of the company's stock, valued at $13,127,526.90. This trade represents a 11.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 14.00% of the company's stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in MediciNova stock. Bank of New York Mellon Corp purchased a new stake in MediciNova, Inc. (NASDAQ:MNOV - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 78,277 shares of the biopharmaceutical company's stock, valued at approximately $103,000. Bank of New York Mellon Corp owned approximately 0.16% of MediciNova at the end of the most recent quarter. Institutional investors own 9.90% of the company's stock.

MediciNova Price Performance

NASDAQ:MNOV opened at $1.54 on Friday. MediciNova has a one year low of $1.17 and a one year high of $3.90. The company has a market cap of $75.80 million, a PE ratio of -7.33 and a beta of 0.61. The firm's 50 day simple moving average is $1.76 and its 200 day simple moving average is $1.51.

MediciNova (NASDAQ:MNOV - Get Free Report) last issued its quarterly 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 analyst estimates of $0.07 million. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. Equities research analysts expect that MediciNova will post -0.25 EPS for the current 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.

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