Brokerages Set MediciNova, Inc. (NASDAQ:MNOV) Target Price at $7.50

MediciNova, Inc. (NASDAQ:MNOV) has received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com 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 twelve-month target price among brokerages that have issued ratings on the stock in the last year is $7.50.

MNOV has been the subject of several research analyst reports. D. Boral Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research report on Monday, May 4th. HC Wainwright initiated coverage on MediciNova in a research report on Monday, March 16th. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Friday, March 27th. Maxim Group reiterated a “buy” rating and issued a $6.00 price objective on shares of MediciNova in a research report on Monday, March 23rd. Finally, Zacks Research upgraded MediciNova to a “hold” rating in a research report on Tuesday, March 17th.

Hedge Funds Weigh In On MediciNova

A number of large investors have recently bought and sold shares of MNOV. StoneX Group Inc. acquired a new position in MediciNova during the 4th quarter worth approximately $25,000. Goldman Sachs Group Inc. acquired a new position in MediciNova during the 4th quarter worth approximately $35,000. Citadel Advisors LLC acquired a new position in MediciNova during the 3rd quarter worth approximately $92,000. Jane Street Group LLC acquired a new position in MediciNova during the 4th quarter worth approximately $214,000. Finally, State Street Corp boosted its position in MediciNova by 10.9% during the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring 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

Shares of MNOV opened at $1.23 on Friday. The stock has a 50 day simple moving average of $1.38 and a 200 day simple moving average of $1.45. MediciNova has a 52-week low of $1.17 and a 52-week high of $1.96. The firm has a market capitalization of $60.54 million, a PE ratio of -5.35 and a beta of 0.62.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Friday, May 15th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.The business had revenue of $0.19 million during the quarter, compared to analyst estimates of $0.19 million. Equities research analysts predict 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.