MediciNova, Inc. (NASDAQ:MNOV) Stock Has Consensus Target Price of $7.75

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

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

MediciNova Stock Performance

MNOV stock opened at $1.54 on Friday. The stock’s 50 day simple moving average is $1.76 and its 200 day simple moving average is $1.51. The company has a market cap of $75.80 million, a P/E ratio of -7.33 and a beta of 0.61. MediciNova has a fifty-two week low of $1.17 and a fifty-two week high of $3.90.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%.The firm had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.07 million. Equities analysts predict that MediciNova will post -0.25 earnings per share for the current year.

Insider Buying and Selling at MediciNova

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 4,862,047 shares of the company’s stock, valued at approximately $13,127,526.90. This trade represents a 11.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.00% of the stock is owned by corporate insiders.

Institutional Trading of MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new position in MediciNova, Inc. (NASDAQ:MNOV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned about 0.16% of MediciNova as of its most recent SEC filing. 9.90% of the stock is owned by institutional investors and hedge funds.

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.