MediciNova (NASDAQ:MNOV) Given “Buy” Rating at Maxim Group

Maxim Group restated their buy rating on shares of MediciNova (NASDAQ:MNOV) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $6.00 price objective on the biopharmaceutical company’s stock.

A number of other brokerages have also weighed in on MNOV. HC Wainwright began coverage on MediciNova in a research note on Monday, March 16th. They issued a “buy” rating and a $10.00 target price on the stock. D. Boral Capital reiterated a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 29th. Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research report on Monday, January 5th. Finally, Zacks Research raised shares of MediciNova to a “hold” rating in a research note on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.50.

MediciNova Price Performance

Shares of NASDAQ:MNOV opened at $1.45 on Monday. The firm has a fifty day moving average price of $1.54 and a two-hundred day moving average price of $1.42. MediciNova has a one year low of $1.13 and a one year high of $1.96. The company has a market cap of $71.37 million, a price-to-earnings ratio of -6.04 and a beta of 0.58.

MediciNova (NASDAQ:MNOV) last released 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 firm had revenue of $0.15 million during the quarter. Equities research analysts expect that MediciNova will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased its holdings in MediciNova by 10.9% during 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 during the period. Jane Street Group LLC purchased a new stake in MediciNova in the 4th quarter worth approximately $214,000. Citadel Advisors LLC bought a new stake in shares of MediciNova in the 3rd quarter worth approximately $92,000. Goldman Sachs Group Inc. bought a new stake in shares of MediciNova in the 4th quarter worth approximately $35,000. Finally, StoneX Group Inc. purchased a new position in shares of MediciNova during the fourth quarter valued at approximately $25,000. 9.90% of the stock is currently owned by institutional investors.

MediciNova Company Profile

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.