MediciNova (NASDAQ:MNOV) Releases Earnings Results, Meets Estimates

Key Points

• MediciNova reported earnings of ($0.07) per share, aligning with analysts' expectations for the quarter, alongside a revenue of $0.14 million.
• The company experienced a trading increase of $0.01 to a price of $1.31, with a market capitalization of $63.76 million.
• Wall Street analysts have varying ratings for MediciNova, with a recent upgrade to "strong-buy" from B. Riley, though a lower target price of $5.00 was set.

MediciNova (NASDAQ:MNOV - Get Free Report) announced its quarterly earnings data on Thursday, August 14th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07), Zacks reports. The firm had revenue of $0.14 million during the quarter.

MediciNova Trading Down 1.5%

MediciNova stock traded down $0.02 during midday trading on Thursday, reaching $1.29. The stock had a trading volume of 42,657 shares, compared to its average volume of 48,496. MediciNova has a 12 month low of $1.13 and a 12 month high of $2.55. The company has a market capitalization of $64.25 million, a P/E ratio of -5.16 and a beta of 0.35. The company has a fifty day moving average price of $1.30 and a two-hundred day moving average price of $1.45.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MNOV shares. B. Riley upgraded shares of MediciNova from a "buy" rating to a "strong-buy" rating and cut their price target for the company from $6.00 to $5.00 in a report on Monday, June 16th. Wall Street Zen started coverage on shares of MediciNova in a report on Sunday, May 18th. They issued a "hold" rating for the company. Finally, D. Boral Capital reiterated a "buy" rating and issued a $9.00 price target on shares of MediciNova in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Strong Buy" and a consensus target price of $7.00.

MediciNova Company Profile

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction, as well as prevention of acute respiratory distress syndrome, and long COVID.