MediciNova, Inc. (NASDAQ:MNOV) Receives $8.33 Consensus PT from Analysts

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received a consensus rating of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $7.75.

A number of research analysts have commented on the company. Weiss Ratings upgraded MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Roth Capital started coverage on MediciNova in a research note on Thursday. They issued a “buy” rating and a $6.00 price objective for the company.

MediciNova Stock Performance

MediciNova stock opened at $3.32 on Monday. The company’s 50 day simple moving average is $1.54 and its 200-day simple moving average is $1.44. The company has a market capitalization of $163.41 million, a price-to-earnings ratio of -15.81 and a beta of 0.63. MediciNova has a 1 year low of $1.17 and a 1 year high of $3.90.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.07 million. Equities analysts expect that MediciNova will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Bank of New York Mellon Corp purchased a new stake in MediciNova, Inc. (NASDAQ:MNOV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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 at the end of the most recent reporting period. Hedge funds and other institutional investors own 9.90% of the company’s stock.

About MediciNova

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurological, inflammatory, and fibrotic diseases. The company does not currently market an approved product in the United States and instead advances candidates through clinical development and regulatory evaluation.

Its lead compound, MN-166 (ibudilast), is being investigated for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance-use disorders.