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

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $7.75.

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

Insider Buying and Selling at MediciNova

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the company’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 sale, the insider 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter. Institutional investors own 9.90% of the company’s stock.

MediciNova Stock Up 2.9%

MNOV opened at $1.44 on Tuesday. The stock’s 50 day moving average price is $1.79 and its two-hundred day moving average price is $1.51. The firm has a market capitalization of $70.88 million, a P/E ratio of -6.86 and a beta of 0.61. MediciNova has a 12-month low of $1.22 and a 12-month 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, beating the consensus estimate 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 company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.07 million. As a group, analysts anticipate that MediciNova will post -0.25 earnings per share for the current 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.