MediciNova (NASDAQ:MNOV) Announces Quarterly Earnings Results, Hits Expectations

MediciNova (NASDAQ:MNOV) released its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06), FiscalAI reports. The company had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.05 million. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%.

MediciNova Price Performance

Shares of NASDAQ:MNOV traded down $0.01 during trading hours on Thursday, hitting $1.40. 12,073 shares of the company’s stock traded hands, compared to its average volume of 135,197. MediciNova has a 1 year low of $1.22 and a 1 year high of $3.90. The business has a fifty day moving average price of $1.79 and a 200-day moving average price of $1.51. The firm has a market capitalization of $68.91 million, a P/E ratio of -6.67 and a beta of 0.71.

Analyst Upgrades and Downgrades

Several research analysts have commented on MNOV shares. HC Wainwright reaffirmed a “buy” rating on shares of MediciNova in a research note on Tuesday, September 29th. Roth Capital began coverage on shares of MediciNova in a research note on Thursday, September 17th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, Weiss Ratings upgraded shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.75.

Insider Activity at MediciNova

In other news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $2.70, for a total value of $1,728,000.00. Following the sale, the insider directly owned 4,862,047 shares in the company, valued at approximately $13,127,526.90. This represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.00% of the company’s stock.

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.