D. Boral Capital Reiterates Buy Rating for MediciNova (NASDAQ:MNOV)

Key Points

• D. Boral Capital reiterated a "buy" rating on MediciNova with a $9.00 price target.
• Analysts are mixed but overall positive: two Strong Buy, three Buy, one Hold and one Sell, giving a consensus of "Moderate Buy" and a $7.50 average target price.
• MediciNova shares opened at $1.41 with a market cap of $69.16M; the company beat quarterly EPS estimates (reported -$0.05 vs. -$0.10 expected) while analysts forecast -$0.26 EPS for the current fiscal year.

MediciNova (NASDAQ:MNOV - Get Free Report)'s stock had its "buy" rating restated by equities researchers at D. Boral Capital in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $9.00 price target on the biopharmaceutical company's stock.

A number of other analysts have also recently commented on the stock. HC Wainwright assumed coverage on shares of MediciNova in a research note on Monday, March 16th. They issued a "buy" rating and a $10.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MediciNova in a report on Friday, March 27th. Lucid Cap Mkts upgraded shares of MediciNova to a "strong-buy" rating in a research note on Monday, January 5th. Maxim Group reissued a "buy" rating and set a $6.00 price target on shares of MediciNova in a research report on Monday, March 23rd. Finally, Zacks Research upgraded MediciNova to a "hold" rating in a research note on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, MediciNova presently has an average rating of "Moderate Buy" and a consensus target price of $7.50.

MediciNova Price Performance

Shares of MediciNova stock opened at $1.41 on Monday. The company has a market capitalization of $69.16 million, a P/E ratio of -5.78 and a beta of 0.63. The business has a 50-day moving average of $1.42 and a two-hundred day moving average of $1.45. MediciNova has a 1 year low of $1.17 and a 1 year high of $1.96.

MediciNova (NASDAQ:MNOV - Get Free Report) last posted its earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.05. The business had revenue of $0.15 million for the quarter. On average, equities analysts anticipate that MediciNova will post -0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Several large investors have recently modified their holdings of the business. StoneX Group Inc. acquired a new stake in MediciNova in the fourth quarter valued at $25,000. Goldman Sachs Group Inc. acquired a new position in MediciNova during the fourth quarter worth $35,000. Citadel Advisors LLC bought a new position in shares of MediciNova in the third quarter valued at $92,000. Jane Street Group LLC acquired a new position in shares of MediciNova during the fourth quarter valued at about $214,000. Finally, State Street Corp raised its holdings 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 worth $254,000 after acquiring an additional 19,100 shares during the last quarter. Institutional investors own 9.90% of the company's stock.

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.

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