MediciNova, Inc. (NASDAQ:MNOV) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Six brokerages collectively rate MediciNova “Moderate Buy,” with three buys, one strong buy, one hold and one sell. The average 12-month price target is $8.33, versus a recent share price of $1.38.
• MediciNova reported a quarterly loss of $0.05 per share, beating the $0.06 loss analysts expected, while revenue of $0.46 million exceeded the $0.07 million estimate. The company remains deeply unprofitable, with a negative net margin of 1,168.7%.
• Institutional investors and hedge funds own approximately 9.9% of the stock; State Street increased its position, while several other firms initiated new stakes.

Shares of MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the six brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $8.3333.

A number of equities research analysts have commented on MNOV shares. Weiss Ratings downgraded MediciNova from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th. D. Boral Capital reaffirmed a "buy" rating and set a $9.00 price target on shares of MediciNova in a research note on Monday, May 4th.

MediciNova Price Performance

NASDAQ MNOV opened at $1.38 on Thursday. The company has a fifty day moving average of $1.34 and a two-hundred day moving average of $1.40. The company has a market capitalization of $67.92 million, a PE ratio of -6.57 and a beta of 0.63. MediciNova has a 1 year low of $1.17 and a 1 year high of $1.96.

MediciNova (NASDAQ:MNOV - Get Free Report) last announced its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The business 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%. On average, research analysts expect that MediciNova will post -0.28 earnings per share for the current year.

Institutional Trading of MediciNova

Large investors have recently modified their holdings of the business. State Street Corp grew its holdings 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 worth $254,000 after buying an additional 19,100 shares in the last quarter. StoneX Group Inc. purchased a new position in shares of MediciNova during the fourth quarter valued at approximately $25,000. Goldman Sachs Group Inc. purchased a new position in shares of MediciNova during the fourth quarter valued at approximately $35,000. Citadel Advisors LLC acquired a new stake in MediciNova during the third quarter worth approximately $92,000. Finally, Bank of New York Mellon Corp purchased a new stake in MediciNova in the 2nd quarter worth approximately $103,000. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.