MediciNova (NASDAQ:MNOV) Now Covered by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research report report published on Monday, MarketBeat reports. The firm issued a buy rating and a $10.00 price target on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued reports about the company. D. Boral Capital reiterated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a report on Friday, January 30th. Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.00.

MediciNova Stock Performance

MNOV stock opened at $1.45 on Monday. The stock’s 50 day simple moving average is $1.54 and its 200 day simple moving average is $1.42. MediciNova has a fifty-two week low of $1.13 and a fifty-two week high of $1.96. The company has a market cap of $71.37 million, a P/E ratio of -6.04 and a beta of 0.58.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MNOV. State Street Corp boosted its position 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 valued at $254,000 after buying an additional 19,100 shares during the last quarter. StoneX Group Inc. purchased a new stake in MediciNova in the 4th quarter valued at $25,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova in the 4th quarter valued at $35,000. Citadel Advisors LLC bought a new position in MediciNova during the 3rd quarter valued at $92,000. Finally, Jane Street Group LLC bought a new position in MediciNova during the 4th quarter valued at $214,000. 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.