MediciNova, Inc. (NASDAQ:MNOV) Stock Has Consensus Price Target of $7.75

Shares of MediciNova, Inc. (NASDAQ:MNOV) have received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $7.75.

A number of research analysts have recently weighed in on MNOV shares. HC Wainwright reissued a “buy” rating on shares of MediciNova in a research report on Tuesday, September 29th. Weiss Ratings raised shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. Finally, Roth Capital initiated coverage on shares of MediciNova in a report on Thursday, September 17th. They issued a “buy” rating and a $6.00 price target on the stock.

Insiders Place Their Bets

In other MediciNova news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider directly owned 4,862,047 shares of the company’s stock, valued at $13,127,526.90. This trade represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 14.00% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in MediciNova stock. Bank of New York Mellon Corp acquired a new position in MediciNova, Inc. (NASDAQ:MNOV) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and 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 about 0.16% of MediciNova as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 9.90% of the company’s stock.

MediciNova Stock Up 0.7%

Shares of NASDAQ MNOV opened at $1.46 on Tuesday. MediciNova has a twelve month low of $1.22 and a twelve month high of $3.90. The stock’s 50 day moving average price is $1.79 and its 200-day moving average price is $1.51. The company has a market capitalization of $71.86 million, a PE ratio of -6.95 and a beta of 0.71.

MediciNova (NASDAQ:MNOV) last announced its 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. 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%. As a group, research analysts expect that MediciNova will post -0.25 EPS for the current fiscal year.

MediciNova Company Profile

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.