MediciNova (NASDAQ:MNOV) Major Shareholder Sells $1,728,000.00 in Stock

Key Points

• Major shareholder 3D Investment Partners sold 640,000 MediciNova shares at an average price of $2.70, generating $1.728 million. The sale reduced its direct ownership by 11.63% to 4.86 million shares.
• MediciNova shares traded down to $1.92, while the company reported a quarterly loss of $0.05 per share—slightly better than estimates—and $0.46 million in revenue.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $7.75, although the clinical-stage biotech remains unprofitable and has no approved U.S. products.

MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of MediciNova stock in a transaction on Friday, September 25th. The shares were sold at an average price of $2.70, for a total value of $1,728,000.00. Following the transaction, the insider directly owned 4,862,047 shares of the company's stock, valued at approximately $13,127,526.90. The trade was a 11.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

MediciNova Price Performance

Shares of MNOV traded down $0.18 during trading hours on Tuesday, hitting $1.92. The stock had a trading volume of 595,146 shares, compared to its average volume of 143,035. The stock has a market capitalization of $94.50 million, a price-to-earnings ratio of -9.14 and a beta of 0.63. The company's fifty day moving average is $1.70 and its two-hundred day moving average is $1.50. MediciNova, Inc. has a 52 week low of $1.17 and a 52 week high of $3.90.

MediciNova (NASDAQ:MNOV - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm 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 analysts predict that MediciNova, Inc. will post -0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On MediciNova

An institutional investor recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new stake in MediciNova, Inc. (NASDAQ:MNOV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 78,277 shares of the biopharmaceutical company's stock, valued at approximately $103,000. Bank of New York Mellon Corp owned 0.16% of MediciNova at the end of the most recent reporting period. Hedge funds and other institutional investors own 9.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MNOV. Weiss Ratings raised shares of MediciNova from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, September 2nd. Roth Capital initiated coverage on shares of MediciNova in a report on Thursday, September 17th. They issued a "buy" rating and a $6.00 price target for the company. Finally, HC Wainwright restated a "buy" rating on shares of MediciNova in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $7.75.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurological, inflammatory, and fibrotic diseases. The company does not currently market an approved product in the United States and instead advances candidates through clinical development and regulatory evaluation.

Its lead compound, MN-166 (ibudilast), is being investigated for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance-use disorders.

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