MediciNova (NASDAQ:MNOV) Stock: Insider 3D Investment Partners Pte. Lt Sells 640,000 Shares

MediciNova, Inc. (NASDAQ:MNOV) major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $2.70, for a total transaction of $1,728,000.00. Following the completion of the sale, the insider owned 4,862,047 shares in the company, valued at $13,127,526.90. This represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

MediciNova Stock Performance

NASDAQ:MNOV traded down $0.18 during trading hours on Tuesday, hitting $1.92. The stock had a trading volume of 595,146 shares, compared to its average volume of 143,035. The business’s 50 day moving average is $1.70 and its 200-day moving average is $1.50. The company has a market cap of $94.50 million, a price-to-earnings ratio of -9.14 and a beta of 0.63. MediciNova, Inc. has a one year low of $1.17 and a one year high of $3.90.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.07 million. On average, sell-side analysts anticipate that MediciNova, Inc. will post -0.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MNOV. HC Wainwright reissued a “buy” rating on shares of MediciNova in a research note on Tuesday. Weiss Ratings raised MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Finally, Roth Capital started coverage on MediciNova in a report on Thursday, September 17th. They set a “buy” rating and a $6.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.75.

Institutional Investors Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Bank of New York Mellon Corp bought a new position in MediciNova, Inc. (NASDAQ:MNOV) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned 0.16% of MediciNova at the end of the most recent quarter. 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.