MediciNova (NASDAQ:MNOV) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

MediciNova, Inc. (NASDAQ:MNOV) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.39 and traded as high as $1.63. MediciNova shares last traded at $1.63, with a volume of 96,718 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, MediciNova currently has an average rating of “Moderate Buy” and a consensus target price of $8.33.

MediciNova Stock Up 0.6%

The stock has a market cap of $80.23 million, a P/E ratio of -7.76 and a beta of 0.63. The stock has a fifty day simple moving average of $1.38 and a 200-day simple moving average of $1.39.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.07 million. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%. Sell-side analysts anticipate that MediciNova, Inc. will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On MediciNova

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jane Street Group LLC acquired a new stake in MediciNova during the 4th quarter worth $214,000. Bank of New York Mellon Corp bought a new position in shares of MediciNova during the 2nd quarter valued at about $103,000. Citadel Advisors LLC bought a new position in shares of MediciNova during the 3rd quarter valued at about $92,000. Goldman Sachs Group Inc. acquired a new position in shares of MediciNova in the 4th quarter valued at approximately $35,000. Finally, StoneX Group Inc. acquired a new position in shares of MediciNova in the 4th quarter valued at approximately $25,000. 9.90% of the stock is owned by institutional investors.

About MediciNova

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.