MediciNova, Inc. (NASDAQ:MNOV) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received a consensus rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $8.00.

Several analysts have recently commented on the stock. D. Boral Capital restated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research note on Friday, January 30th. Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. HC Wainwright began coverage on shares of MediciNova in a report on Monday, March 16th. They set a “buy” rating and a $10.00 price target for the company. Zacks Research upgraded shares of MediciNova to a “hold” rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 29th.

MediciNova Trading Up 12.2%

NASDAQ:MNOV opened at $1.56 on Monday. The firm has a market cap of $76.78 million, a P/E ratio of -6.50 and a beta of 0.58. The stock’s 50 day simple moving average is $1.54 and its 200-day simple moving average is $1.42. MediciNova has a 12-month low of $1.13 and a 12-month high of $1.96.

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

Institutional Trading of MediciNova

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