Analysts Set $19.67 Price Target for MediciNova, Inc. (NASDAQ:MNOV)

MediciNova, Inc. (NASDAQ:MNOV) has been given a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that cover the company, Zacks Investment Research reports. Two research analysts have rated the stock with a strong buy rating.

Brokerages have set a one year consensus price target of $19.67 for the company and are forecasting that the company will post ($0.14) EPS for the current quarter, according to Zacks. Zacks has also given MediciNova an industry rank of 57 out of 256 based on the ratings given to related companies.

Several equities research analysts have recently weighed in on the company. BidaskClub lowered ZIX from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 7th. B. Riley reissued a “buy” rating on shares of Spark Networks in a research report on Monday, March 25th.

Shares of NASDAQ MNOV traded down $0.48 during mid-day trading on Wednesday, reaching $9.67. 121,231 shares of the company’s stock were exchanged, compared to its average volume of 97,971. The firm has a market capitalization of $441.38 million, a price-to-earnings ratio of -26.86 and a beta of 1.20. MediciNova has a 52-week low of $6.68 and a 52-week high of $13.37. The stock’s 50-day moving average is $9.72.

MediciNova (NASDAQ:MNOV) last announced its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. As a group, research analysts expect that MediciNova will post -0.71 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNOV. Marshall Wace LLP acquired a new position in shares of MediciNova in the first quarter valued at approximately $54,000. BNP Paribas Arbitrage SA purchased a new stake in shares of MediciNova in the first quarter valued at approximately $69,000. Metropolitan Life Insurance Co. NY boosted its stake in shares of MediciNova by 373.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,041 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 10,289 shares in the last quarter. Bank of America Corp DE boosted its position in MediciNova by 231.3% during the fourth quarter. Bank of America Corp DE now owns 35,328 shares of the biopharmaceutical company’s stock worth $288,000 after purchasing an additional 24,664 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in MediciNova by 17.2% during the fourth quarter. New York State Common Retirement Fund now owns 40,867 shares of the biopharmaceutical company’s stock worth $334,000 after purchasing an additional 6,000 shares in the last quarter. 21.05% of the stock is currently owned by institutional investors.

About MediciNova

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. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological 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.

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