MediciNova (NASDAQ:MNOV) Releases Earnings Results, Beats Expectations By $0.01 EPS

MediciNova (NASDAQ:MNOV) announced its earnings results on Thursday. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01, FiscalAI reports. The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.07 million. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.

MediciNova Stock Performance

Shares of MNOV stock traded down $0.02 on Thursday, hitting $1.31. 22,161 shares of the company’s stock traded hands, compared to its average volume of 34,609. The stock has a market capitalization of $64.48 million, a price-to-earnings ratio of -5.70 and a beta of 0.63. The company’s fifty day simple moving average is $1.34 and its 200 day simple moving average is $1.41. MediciNova has a one year low of $1.17 and a one year high of $1.96.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MNOV shares. Weiss Ratings cut shares of MediciNova from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. D. Boral Capital reissued a “buy” rating and issued a $9.00 price target on shares of MediciNova in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.33.

Institutional Trading of MediciNova

Institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after purchasing an additional 19,100 shares during the period. Jane Street Group LLC purchased a new position in shares of MediciNova during the 4th quarter worth approximately $214,000. Citadel Advisors LLC purchased a new position in MediciNova during the third quarter valued at $92,000. Goldman Sachs Group Inc. purchased a new stake in shares of MediciNova in the 4th quarter worth about $35,000. Finally, StoneX Group Inc. bought a new position in shares of MediciNova during the fourth quarter valued at approximately $25,000. Hedge funds and other 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.