MediciNova (NASDAQ:MNOV) Announces Quarterly Earnings Results

Key Points

• MediciNova beat quarterly earnings expectations, reporting a loss of $0.05 per share versus the consensus estimate of a $0.06 loss. Revenue totaled $0.46 million, exceeding analysts’ $0.07 million forecast.
• Shares traded down about $0.02 to $1.31, near the lower end of their 52-week range. The company reported a negative 27.28% return on equity and a negative 1,962.98% net margin.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an $8.33 price target, despite Weiss Ratings downgrading the stock to “sell.” Institutional and hedge-fund investors own 9.9% of the company.

MediciNova (NASDAQ:MNOV - Get Free Report) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01, FiscalAI reports. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.The business had revenue of $0.46 million for the quarter, compared to analysts' expectations of $0.07 million.

MediciNova Price Performance

NASDAQ:MNOV traded down $0.02 during mid-day trading on Thursday, hitting $1.31. 22,161 shares of the company's stock were exchanged, compared to its average volume of 34,609. MediciNova has a one year low of $1.17 and a one year high of $1.96. The business has a fifty day moving average price of $1.34 and a 200 day moving average price of $1.41. The company has a market cap of $64.48 million, a PE ratio of -5.70 and a beta of 0.63.

Analyst Ratings Changes

MNOV has been the subject of a number of research analyst reports. Weiss Ratings cut MediciNova from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday. D. Boral Capital reaffirmed a "buy" rating and issued a $9.00 price target on shares of MediciNova in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $8.33.

Hedge Funds Weigh In On MediciNova

Large investors have recently made changes to their positions in the business. State Street Corp increased 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 valued at $254,000 after acquiring an additional 19,100 shares in the last quarter. StoneX Group Inc. purchased a new stake in MediciNova during the 4th quarter valued at about $25,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova during the 4th quarter valued at about $35,000. Citadel Advisors LLC bought a new stake in MediciNova during the 3rd quarter valued at about $92,000. Finally, Jane Street Group LLC bought a new stake in MediciNova during the 4th quarter valued at about $214,000. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

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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