MediciNova (NASDAQ:MNOV) Releases Earnings Results, Beats Estimates By $0.05 EPS

MediciNova (NASDAQ:MNOV) issued its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05, FiscalAI reports. The business had revenue of $0.15 million during the quarter.

MediciNova Trading Down 1.2%

Shares of NASDAQ:MNOV traded down $0.02 on Friday, hitting $1.53. 10,757 shares of the company were exchanged, compared to its average volume of 76,240. The firm has a market capitalization of $75.25 million, a P/E ratio of -6.16 and a beta of 0.55. MediciNova has a 1-year low of $1.13 and a 1-year high of $1.96. The stock’s 50 day moving average price is $1.53 and its 200 day moving average price is $1.41.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on MNOV shares. D. Boral Capital reiterated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a report on Friday, January 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Finally, Lucid Cap Mkts raised shares of MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.00.

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.