MediciNova (NASDAQ:MNOV) Shares Cross Above 200-Day Moving Average – Should You Sell?

MediciNova, Inc. (NASDAQ:MNOV)’s stock price passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $1.51 and traded as high as $1.72. MediciNova shares last traded at $1.65, with a volume of 119,977 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MNOV shares. HC Wainwright reiterated a “buy” rating on shares of MediciNova in a research note on Tuesday, September 29th. Roth Capital initiated coverage on shares of MediciNova in a research report on Thursday, September 17th. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, Weiss Ratings raised shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MediciNova has a consensus rating of “Moderate Buy” and an average price target of $7.75.

MediciNova Price Performance

The firm has a 50 day moving average of $1.76 and a two-hundred day moving average of $1.51. The stock has a market cap of $75.80 million, a PE ratio of -7.33 and a beta of 0.61.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $0.07 million. As a group, equities analysts anticipate that MediciNova, Inc. will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the business’s stock in a transaction on Friday, September 25th. The shares were sold at an average price of $2.70, for a total value of $1,728,000.00. Following the completion of the sale, the insider directly owned 4,862,047 shares of the company’s stock, valued at $13,127,526.90. The trade was a 11.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 14.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MediciNova

A hedge fund recently bought a new position in MediciNova stock. Bank of New York Mellon Corp bought a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned approximately 0.16% of MediciNova as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 9.90% of the company’s stock.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for neurological, inflammatory, and other serious medical conditions. The company is headquartered in La Jolla, California, and its programs are primarily directed toward conditions with significant unmet treatment needs.

Its lead investigational product, MN-166 (ibudilast), is being studied in several neurological indications, including amyotrophic lateral sclerosis, progressive multiple sclerosis, and substance use disorders.