MediciNova (NASDAQ:MNOV) Shares Pass Above 200-Day Moving Average – Here’s What Happened

MediciNova, Inc. (NASDAQ:MNOV)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.40 and traded as high as $1.6650. MediciNova shares last traded at $1.64, with a volume of 18,811 shares changing hands.

Analyst Ratings Changes

Several analysts recently issued reports on the company. D. Boral Capital reiterated a “buy” rating and set a $9.00 target price on shares of MediciNova in a research report on Friday, January 30th. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research note on Monday, December 29th. Finally, Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research report on Monday, January 5th. Two equities research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.00.

MediciNova Stock Up 2.5%

The company has a market capitalization of $80.61 million, a P/E ratio of -6.56 and a beta of 0.55. The business has a 50 day moving average of $1.52 and a 200 day moving average of $1.40.

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

Institutional Trading of MediciNova

An institutional investor recently bought a new position in MediciNova stock. Citadel Advisors LLC purchased a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned 0.15% of MediciNova as of its most recent filing with the SEC. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.