MediciNova, Inc. (NASDAQ:MNOV) Stock Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts rate MediciNova “Moderate Buy”: Seven analysts cover MNOV, with four buy ratings, one strong buy, one hold, and one sell. The average 12-month price target is $7.75.
• Shares traded at $1.44, with a market capitalization of approximately $70.9 million and a 52-week range of $1.22 to $3.90.
• Insider selling and limited institutional ownership remain notable: major shareholder 3D Investment Partners sold 640,000 shares, while institutional investors own about 9.9% of the company. MediciNova reported quarterly revenue of $460,000 and an adjusted loss of $0.05 per share.

MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the seven analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $7.75.

A number of analysts have recently issued reports on MNOV shares. HC Wainwright reaffirmed a "buy" rating on shares of MediciNova in a research report on Tuesday, September 29th. Roth Capital started coverage on shares of MediciNova in a report on Thursday, September 17th. They issued a "buy" rating and a $6.00 price objective for the company. Finally, Weiss Ratings raised shares of MediciNova from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, September 2nd.

Insider Activity

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the stock in a transaction on Friday, September 25th. The stock was sold at an average price of $2.70, for a total value of $1,728,000.00. Following the completion of the transaction, the insider owned 4,862,047 shares in the company, valued at $13,127,526.90. This trade represents a 11.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in MediciNova stock. Bank of New York Mellon Corp purchased a new position in MediciNova, Inc. (NASDAQ:MNOV - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 78,277 shares of the biopharmaceutical company's stock, valued at approximately $103,000. Bank of New York Mellon Corp owned about 0.16% of MediciNova at the end of the most recent quarter. 9.90% of the stock is owned by hedge funds and other institutional investors.

MediciNova Price Performance

NASDAQ:MNOV opened at $1.44 on Tuesday. The firm has a market cap of $70.88 million, a price-to-earnings ratio of -6.86 and a beta of 0.61. The firm's fifty day moving average price is $1.79 and its 200 day moving average price is $1.51. MediciNova has a 1-year low of $1.22 and a 1-year high of $3.90.

MediciNova (NASDAQ:MNOV - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.07 million. As a group, analysts expect that MediciNova will post -0.25 earnings per share for the current fiscal year.

MediciNova Company Profile

MediciNova, Inc NASDAQ: MNOV is a clinical-stage biopharmaceutical company based in San Diego, California. The company develops small-molecule therapies for diseases with significant unmet medical needs, with a primary focus on neurological, neurodegenerative, and other serious medical conditions.

Its lead development program is MN-166, also known as ibudilast, an orally administered compound with anti-inflammatory and neuroprotective properties. MediciNova has evaluated ibudilast in clinical studies for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance use disorders.

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