MediciNova, Inc. (NASDAQ:MNOV) Stock Now Rated “Moderate Buy” by Wall Street Analysts

MediciNova, Inc. (NASDAQ:MNOV) has earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $7.75.

A number of equities analysts have issued reports on MNOV shares. Weiss Ratings upgraded shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Roth Capital started coverage on shares of MediciNova in a research note on Thursday, September 17th. They set a “buy” rating and a $6.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating on shares of MediciNova in a report on Tuesday, September 29th.

Insider Transactions at MediciNova

In other MediciNova news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $2.70, for a total transaction of $1,728,000.00. Following the completion of the transaction, the insider owned 4,862,047 shares of the company’s stock, valued at $13,127,526.90. This represents a 11.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 14.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MediciNova

An institutional investor recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp bought a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

MediciNova Stock Performance

Shares of MediciNova stock opened at $1.47 on Tuesday. MediciNova has a 52-week low of $1.22 and a 52-week high of $3.90. The company’s 50 day moving average price is $1.79 and its 200-day moving average price is $1.51.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping 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 the consensus estimate of $0.07 million. Sell-side analysts anticipate that MediciNova will post -0.25 earnings per share for the current fiscal year.

About MediciNova

MediciNova, Inc (NASDAQ: MNOV) is a clinical-stage biopharmaceutical company based in San Diego, California. The company develops small-molecule therapies for diseases with significant unmet medical needs, with a primary focus on neurological, neurodegenerative, and other serious medical conditions.

Its lead development program is MN-166, also known as ibudilast, an orally administered compound with anti-inflammatory and neuroprotective properties. MediciNova has evaluated ibudilast in clinical studies for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance use disorders.