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

Key Points

• Shares of MediciNova carry an average analyst recommendation of Moderate Buy from seven firms (1 sell, 1 hold, 3 buy, 2 strong buy), with an average 12‑month price target of $7.50.
• The stock trades around $1.44 with a market cap of roughly $70.9M, a 12‑month range of $1.17–$1.96 and a negative P/E of -6.0; last quarter EPS was -$0.05 (vs. -$0.10 estimate) and analysts expect -0.24 EPS for the year.
• MediciNova is a clinical‑stage biopharmaceutical focused on small‑molecule therapies, with lead asset MN‑166 (ibudilast), an anti‑inflammatory/neuroprotective agent previously approved in Japan.

Shares of MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $7.50.

Several research firms have recently weighed in on MNOV. Zacks Research upgraded MediciNova to a "hold" rating in a research note on Tuesday, March 17th. Lucid Cap Mkts upgraded MediciNova to a "strong-buy" rating in a research note on Monday, January 5th. Weiss Ratings restated a "sell (d-)" rating on shares of MediciNova in a research note on Friday, March 27th. HC Wainwright started coverage on MediciNova in a research report on Monday, March 16th. They set a "buy" rating and a $10.00 price objective for the company. Finally, Maxim Group reiterated a "buy" rating and set a $6.00 price objective on shares of MediciNova in a research report on Monday, March 23rd.

MediciNova Trading Up 0.7%

MediciNova stock opened at $1.44 on Friday. The business's fifty day simple moving average is $1.45 and its two-hundred day simple moving average is $1.44. MediciNova has a 12 month low of $1.17 and a 12 month high of $1.96. The company has a market capitalization of $70.88 million, a price-to-earnings ratio of -6.00 and a beta of 0.61.

MediciNova (NASDAQ:MNOV - Get Free Report) last posted its quarterly earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. The business had revenue of $0.15 million during the quarter. On average, equities research analysts predict that MediciNova will post -0.24 EPS for the current year.

Institutional Trading of MediciNova

A number of hedge funds have recently bought and sold shares of the company. State Street Corp increased its position in MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company's stock valued at $254,000 after acquiring an additional 19,100 shares during the last quarter. StoneX Group Inc. purchased a new stake in MediciNova during the fourth quarter valued at $25,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova during the fourth quarter valued at $35,000. Citadel Advisors LLC purchased a new stake in MediciNova during the third quarter valued at $92,000. Finally, Jane Street Group LLC purchased a new stake in MediciNova during the fourth quarter valued at $214,000. Hedge funds and other 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.

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.