MediciNova (NASDAQ:MNOV) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• MediciNova briefly crossed above its 200-day moving average—the 200‑day MA is $1.43 and the stock traded as high as $1.43 (last at $1.42) on volume of 18,096 shares.
• Analyst sentiment is cautiously positive: two Strong Buy, three Buy, one Hold and one Sell give an overall "Moderate Buy" consensus with an average target price of $7.50.
• Company fundamentals remain early-stage and loss-making: market cap ~$69.9M, P/E -5.92, but the latest quarter showed an EPS beat (‑$0.05 vs. ‑$0.10) on $0.15M revenue, and institutional ownership is about 9.9% with several recent small buys by major firms.

MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.43 and traded as high as $1.43. MediciNova shares last traded at $1.42, with a volume of 18,096 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MNOV. Zacks Research raised shares of MediciNova to a "hold" rating in a research note on Tuesday, March 17th. Maxim Group reaffirmed a "buy" rating and set a $6.00 target price on shares of MediciNova in a research note on Monday, March 23rd. D. Boral Capital reaffirmed a "buy" rating and set a $9.00 target price on shares of MediciNova in a research note on Friday, January 30th. HC Wainwright began coverage on shares of MediciNova in a research note on Monday, March 16th. They set a "buy" rating and a $10.00 target price for the company. Finally, Lucid Cap Mkts raised shares of MediciNova to a "strong-buy" rating in a research note on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $7.50.

MediciNova Price Performance

The stock's 50 day simple moving average is $1.49 and its two-hundred day simple moving average is $1.43. The firm has a market cap of $69.89 million, a P/E ratio of -5.92 and a beta of 0.61.

MediciNova (NASDAQ:MNOV - Get Free Report) last announced its quarterly earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $0.15 million for the quarter. Equities research analysts anticipate that MediciNova, Inc. will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On MediciNova

Institutional investors and hedge funds have recently made changes to their positions in the company. StoneX Group Inc. bought a new stake in shares of MediciNova during the fourth quarter valued at approximately $25,000. Goldman Sachs Group Inc. bought a new stake in shares of MediciNova during the fourth quarter valued at approximately $35,000. Citadel Advisors LLC bought a new stake in shares of MediciNova during the third quarter valued at approximately $92,000. Jane Street Group LLC bought a new stake in shares of MediciNova during the fourth quarter valued at approximately $214,000. Finally, State Street Corp increased its position 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. Institutional investors own 9.90% of the company's stock.

MediciNova Company Profile

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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