MediciNova (NASDAQ:MNOV) Shares Cross Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• MediciNova shares rose above their 200-day moving average, reaching $1.63 compared with the $1.39 average, while trading volume totaled 96,718 shares.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and a $8.33 price target; ratings include one Strong Buy, three Buys, one Hold and one Sell.
• The company exceeded quarterly EPS and revenue estimates, but remains deeply unprofitable, reporting a negative net margin of 1,168.70% and analysts projecting a full-year loss of $0.28 per share.

Shares of MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.39 and traded as high as $1.63. MediciNova shares last traded at $1.63, with a volume of 96,718 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded MediciNova from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.33.

MediciNova Stock Up 0.6%

The firm has a 50-day moving average price of $1.38 and a two-hundred day moving average price of $1.39. The company has a market capitalization of $80.23 million, a P/E ratio of -7.76 and a beta of 0.63.

MediciNova (NASDAQ:MNOV - Get Free Report) last announced its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The business had revenue of $0.46 million for 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%. On average, analysts predict that MediciNova, Inc. will post -0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MNOV. StoneX Group Inc. acquired a new position in shares of MediciNova during the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. acquired a new stake in MediciNova during the fourth quarter worth about $35,000. Citadel Advisors LLC bought a new position in MediciNova during the third quarter valued at about $92,000. Bank of New York Mellon Corp bought a new position in MediciNova during the second quarter valued at about $103,000. Finally, Jane Street Group LLC acquired a new position in MediciNova in the 4th quarter valued at approximately $214,000. Institutional investors own 9.90% of the company's stock.

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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