MediciNova, Inc. (NASDAQ:MNOV) Receives $7.50 Consensus Price Target from Brokerages

Shares of MediciNova, Inc. (NASDAQ:MNOV) have been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $7.50.

Several equities analysts recently issued reports on the stock. Zacks Research raised shares of MediciNova to a “hold” rating in a report on Tuesday, March 17th. D. Boral Capital reissued a “buy” rating and set a $9.00 price target on shares of MediciNova in a report on Friday, January 30th. HC Wainwright assumed coverage on shares of MediciNova in a report on Monday, March 16th. They set a “buy” rating and a $10.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a report on Friday, March 27th. Finally, Maxim Group reissued a “buy” rating and set a $6.00 price target on shares of MediciNova in a report on Monday, March 23rd.

Hedge Funds Weigh In On MediciNova

A number of institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake in shares of MediciNova by 10.9% in the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 19,100 shares during the last quarter. Jane Street Group LLC bought a new position in shares of MediciNova in the fourth quarter worth about $214,000. StoneX Group Inc. bought a new position in shares of MediciNova in the fourth quarter worth about $25,000. Goldman Sachs Group Inc. bought a new position in shares of MediciNova in the fourth quarter worth about $35,000. Finally, Citadel Advisors LLC bought a new position in shares of MediciNova in the third quarter worth about $92,000. 9.90% of the stock is owned by institutional investors.

MediciNova Stock Down 3.4%

Shares of MNOV stock opened at $1.42 on Friday. MediciNova has a 12-month low of $1.17 and a 12-month high of $1.96. The company has a market capitalization of $69.89 million, a P/E ratio of -5.92 and a beta of 0.61. The firm has a 50-day moving average price of $1.44 and a 200 day moving average price of $1.45.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $0.15 million for the quarter. As a group, research analysts expect that MediciNova will post -0.26 earnings per share for the current year.

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.