MediciNova (NASDAQ:MNOV) Announces Earnings Results, Beats Expectations By $0.01 EPS

MediciNova (NASDAQ:MNOV) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01, FiscalAI reports. The business had revenue of $0.19 million for the quarter, compared to the consensus estimate of $0.13 million.

MediciNova Stock Performance

NASDAQ:MNOV traded up $0.03 during trading hours on Thursday, reaching $1.40. The stock had a trading volume of 22,270 shares, compared to its average volume of 19,895. The stock has a 50 day simple moving average of $1.41 and a 200 day simple moving average of $1.46. MediciNova has a 12-month low of $1.17 and a 12-month high of $1.96.

Institutional Trading of MediciNova

Hedge funds and other institutional investors have recently made changes to their positions in the stock. StoneX Group Inc. bought a new stake in shares of MediciNova during the 4th quarter valued at $25,000. Goldman Sachs Group Inc. bought a new stake in shares of MediciNova during the 4th quarter valued at $35,000. Citadel Advisors LLC bought a new stake in shares of MediciNova during the 3rd quarter valued at $92,000. Jane Street Group LLC bought a new stake in shares of MediciNova during the 4th quarter valued at $214,000. Finally, State Street Corp raised its stake in shares of MediciNova by 10.9% during the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after purchasing an additional 19,100 shares during the period. 9.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on MNOV. Zacks Research upgraded MediciNova to a “hold” rating in a report on Tuesday, March 17th. D. Boral Capital reiterated a “buy” rating and set a $9.00 price target on shares of MediciNova in a report on Monday, May 4th. HC Wainwright began coverage on MediciNova in a report on Monday, March 16th. They set a “buy” rating and a $10.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a report on Friday, March 27th. Finally, Maxim Group reissued a “buy” rating and issued a $6.00 target price on shares of MediciNova in a research report on Monday, March 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, MediciNova presently has an average rating of “Moderate Buy” and a consensus price target of $7.50.

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.