MediciNova (NASDAQ:MNOV) Share Price Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• MediciNova shares crossed above the 200-day moving average, reaching $1.52 before last trading at $1.42, versus a 200-day average of $1.39.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $8.33, while D. Boral Capital reiterated a Buy rating with a $9.00 target.
• The company remains financially weak despite beating quarterly EPS and revenue estimates, posting a $0.05 per-share loss, a negative net margin of 1,168.70%, and analysts’ projected full-year loss of $0.28 per share.

MediciNova, Inc. (NASDAQ:MNOV - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.39 and traded as high as $1.52. MediciNova shares last traded at $1.42, with a volume of 25,441 shares changing hands.

Wall Street Analysts Forecast Growth

MNOV has been the subject of several recent analyst reports. D. Boral Capital reaffirmed a "buy" rating and issued a $9.00 target price on shares of MediciNova in a research note on Monday, May 4th. Weiss Ratings lowered MediciNova from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, MediciNova presently has an average rating of "Moderate Buy" and an average price target of $8.33.

MediciNova Price Performance

The company's 50-day moving average is $1.36 and its 200-day moving average is $1.39. The firm has a market capitalization of $69.89 million, a price-to-earnings ratio of -6.76 and a beta of 0.63.

MediciNova (NASDAQ:MNOV - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.07 million. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. Sell-side analysts anticipate that MediciNova, Inc. will post -0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Citadel Advisors LLC purchased a new stake in MediciNova during the third quarter valued at about $92,000. Goldman Sachs Group Inc. acquired a new position in shares of MediciNova in the 4th quarter valued at about $35,000. StoneX Group Inc. acquired a new position in shares of MediciNova in the 4th quarter valued at about $25,000. Jane Street Group LLC purchased a new stake in shares of MediciNova during the 4th quarter worth about $214,000. Finally, State Street Corp increased its position in MediciNova by 10.9% during the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company's stock worth $254,000 after purchasing an additional 19,100 shares in the last quarter. 9.90% of the stock is owned by hedge funds and other institutional investors.

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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