Brokerages Set $20.67 Target Price for MediciNova, Inc. (NASDAQ:MNOV)
MediciNova, Inc. (NASDAQ:MNOV) has received an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy rating.
Brokers have set a 1 year consensus target price of $20.67 for the company and are expecting that the company will post ($0.15) EPS for the current quarter, according to Zacks. Zacks has also given MediciNova an industry rank of 97 out of 256 based on the ratings given to its competitors.
Separately, BidaskClub lowered shares of MediciNova from a “hold” rating to a “sell” rating in a research report on Friday, July 19th.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of MediciNova by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 154,456 shares of the biopharmaceutical company’s stock valued at $1,487,000 after acquiring an additional 1,227 shares during the period. Bank of Montreal Can purchased a new stake in shares of MediciNova in the second quarter valued at $33,000. Tower Research Capital LLC TRC increased its stake in MediciNova by 72.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,037 shares of the biopharmaceutical company’s stock worth $87,000 after buying an additional 3,785 shares during the period. Alps Advisors Inc. increased its stake in MediciNova by 5.2% in the 1st quarter. Alps Advisors Inc. now owns 101,861 shares of the biopharmaceutical company’s stock worth $843,000 after buying an additional 5,077 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in MediciNova by 6.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 96,107 shares of the biopharmaceutical company’s stock worth $926,000 after buying an additional 5,870 shares during the period. 20.95% of the stock is currently owned by institutional investors and hedge funds.
MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction.
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