MediciNova, Inc. (NASDAQ:MNOV) Receives $7.50 Average PT from Brokerages

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received a consensus recommendation of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $7.50.

Several analysts have commented on the stock. Zacks Research raised shares of MediciNova to a “hold” rating in a research report on Tuesday, March 17th. D. Boral Capital reissued a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Monday, May 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a research report on Friday, March 27th. HC Wainwright assumed coverage on shares of MediciNova in a research report on Monday, March 16th. They set a “buy” rating and a $10.00 price target for the company. Finally, Maxim Group reissued a “buy” rating and set a $6.00 price target on shares of MediciNova in a research report on Monday, March 23rd.

Hedge Funds Weigh In On MediciNova

Several hedge funds and other institutional investors have recently modified their holdings of MNOV. Jane Street Group LLC purchased a new position in shares of MediciNova in the 4th quarter valued at approximately $214,000. Citadel Advisors LLC acquired a new position in MediciNova in the 3rd quarter worth approximately $92,000. Goldman Sachs Group Inc. acquired a new position in MediciNova in the 4th quarter worth approximately $35,000. StoneX Group Inc. acquired a new position in MediciNova in the 4th quarter worth approximately $25,000. Finally, State Street Corp increased its holdings in MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after buying an additional 19,100 shares during the period. 9.90% of the stock is owned by hedge funds and other institutional investors.

MediciNova Price Performance

NASDAQ:MNOV opened at $1.38 on Tuesday. MediciNova has a 1-year low of $1.17 and a 1-year high of $1.96. The company has a 50-day moving average of $1.41 and a 200 day moving average of $1.46. The firm has a market cap of $67.92 million, a PE ratio of -6.00 and a beta of 0.63.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings data on Friday, May 15th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $0.19 million during the quarter, compared to analyst estimates of $186.98 million. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 26.55%. Sell-side analysts anticipate that MediciNova will post -0.26 EPS for the current fiscal 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.