MediciNova (NASDAQ:MNOV) Releases Earnings Results, Hits Expectations

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) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.07) EPS for the quarter, hitting analysts' consensus estimates of ($0.07), Zacks reports. The company had revenue of $0.14 million for the quarter.

MediciNova Stock Performance

MNOV traded up $0.0250 during trading on Tuesday, hitting $1.3350. The stock had a trading volume of 7,445 shares, compared to its average volume of 21,244. MediciNova has a twelve month low of $1.13 and a twelve month high of $2.55. The stock has a 50 day simple moving average of $1.31 and a two-hundred day simple moving average of $1.45. The company has a market capitalization of $64.25 million, a PE ratio of -5.34 and a beta of 0.35.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MNOV. D. Boral Capital reaffirmed a "buy" rating and set a $9.00 target price on shares of MediciNova in a research report on Thursday, July 24th. B. Riley upgraded shares of MediciNova from a "buy" rating to a "strong-buy" rating and dropped their price objective for the company from $6.00 to $5.00 in a research note on Monday, June 16th. Finally, Wall Street Zen began coverage on shares of MediciNova in a research note on Sunday, May 18th. They set a "hold" rating on the stock. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Strong Buy" and a consensus price target 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.