MediciNova (NASDAQ:MNOV) Rating Increased to Strong-Buy at Roth Capital

Roth Capital upgraded shares of MediciNova (NASDAQ:MNOV) to a strong-buy rating in a report released on Thursday,Zacks reports.

Separately, Weiss Ratings upgraded MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

MediciNova Price Performance

Shares of MNOV stock opened at $3.45 on Thursday. The company’s fifty day simple moving average is $1.50 and its two-hundred day simple moving average is $1.43. MediciNova has a 1 year low of $1.17 and a 1 year high of $3.90. The stock has a market capitalization of $169.81 million, a price-to-earnings ratio of -16.43 and a beta of 0.63.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.07 million. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%. Equities research analysts anticipate that MediciNova will post -0.28 EPS for the current year.

Institutional Trading of MediciNova

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