Maxim Group Reiterates “Buy” Rating for MediciNova (NASDAQ:MNOV)

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reaffirmed by equities researchers at Maxim Group in a note issued to investors on Monday,Benzinga reports. They currently have a $6.00 price objective on the biopharmaceutical company’s stock. Maxim Group’s target price points to a potential upside of 284.62% from the stock’s previous close.

MNOV has been the topic of several other research reports. HC Wainwright started coverage on shares of MediciNova in a research report on Monday, March 16th. They issued a “buy” rating and a $10.00 price target on the stock. D. Boral Capital restated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a report on Friday, January 30th. Lucid Cap Mkts raised MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 29th. Finally, Zacks Research raised MediciNova to a “hold” rating in a research note on Tuesday, March 17th. Two equities 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 assigned a Sell rating to the company’s stock. According to MarketBeat, MediciNova currently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

MediciNova Trading Up 12.2%

Shares of NASDAQ MNOV opened at $1.56 on Monday. MediciNova has a twelve month low of $1.13 and a twelve month high of $1.96. The firm has a 50-day moving average of $1.54 and a two-hundred day moving average of $1.42. The company has a market capitalization of $76.78 million, a price-to-earnings ratio of -6.50 and a beta of 0.58.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings data 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 business had revenue of $0.15 million during the quarter. As a group, research analysts predict that MediciNova will post -0.24 earnings per share for the current year.

Institutional Trading of MediciNova

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new position in shares of MediciNova during the fourth quarter valued at $35,000. State Street Corp lifted its stake in MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 19,100 shares in the last quarter. Jane Street Group LLC acquired a new stake in MediciNova during the 4th quarter worth about $214,000. Citadel Advisors LLC purchased a new position in MediciNova during the 3rd quarter valued at about $92,000. Finally, StoneX Group Inc. purchased a new position in MediciNova during the 4th quarter valued at about $25,000. Hedge funds and other institutional investors own 9.90% of the company’s stock.

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.