MediciNova, Inc. (NASDAQ:MNOV) Receives $8.00 Consensus Price Target from Analysts

Shares of MediciNova, Inc. (NASDAQ:MNOV) have earned a consensus rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $7.50.

Several brokerages have weighed in on MNOV. HC Wainwright began coverage on shares of MediciNova in a research report on Monday, March 16th. They set a “buy” rating and a $10.00 target price on the stock. Maxim Group reiterated a “buy” rating and set a $6.00 price target on shares of MediciNova in a research report on Monday. Lucid Cap Mkts raised MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Friday, January 30th. Finally, Zacks Research raised MediciNova to a “hold” rating in a report on Tuesday, March 17th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. StoneX Group Inc. acquired a new stake in MediciNova in the 4th quarter valued at about $25,000. Goldman Sachs Group Inc. acquired a new position in MediciNova during the fourth quarter worth about $35,000. Citadel Advisors LLC purchased a new stake in shares of MediciNova in the third quarter valued at about $92,000. Jane Street Group LLC acquired a new stake in shares of MediciNova in the fourth quarter valued at approximately $214,000. Finally, State Street Corp grew its position in shares of 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. Institutional investors and hedge funds own 9.90% of the company’s stock.

MediciNova Stock Performance

NASDAQ:MNOV opened at $1.46 on Monday. MediciNova has a 1 year low of $1.13 and a 1 year high of $1.96. The stock has a fifty day moving average price of $1.54 and a two-hundred day moving average price of $1.42. The stock has a market capitalization of $71.86 million, a price-to-earnings ratio of -6.08 and a beta of 0.58.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $0.15 million for the quarter. On average, analysts predict that MediciNova will post -0.24 EPS for the current year.

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.