MediciNova (NASDAQ:MNOV) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

MediciNova, Inc. (NASDAQ:MNOV) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.34 and traded as high as $1.48. MediciNova shares last traded at $1.44, with a volume of 34,077 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MNOV. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. D. Boral Capital reaffirmed a “buy” rating and set a $9.00 price objective on shares of MediciNova in a report on Thursday, December 18th. Finally, Lucid Cap Mkts upgraded MediciNova to a “strong-buy” rating in a research 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 issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.00.

MediciNova Price Performance

The firm has a market capitalization of $70.78 million, a PE ratio of -5.76 and a beta of 0.52. The business has a 50-day simple moving average of $1.44 and a 200-day simple moving average of $1.34.

MediciNova (NASDAQ:MNOV) last released its earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.12 million for the quarter. On average, research analysts expect that MediciNova, Inc. will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Citadel Advisors LLC acquired a new stake in MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned about 0.15% of MediciNova as of its most recent SEC filing. 9.90% of the stock is currently owned by institutional investors.

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.