MediciNova (NASDAQ:MNOV) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

MediciNova (NASDAQ:MNOV) issued its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05, FiscalAI reports. The company had revenue of $0.15 million for the quarter.

MediciNova Stock Down 0.7%

NASDAQ MNOV traded down $0.01 on Friday, reaching $1.54. 8,189 shares of the stock traded hands, compared to its average volume of 76,240. MediciNova has a 12 month low of $1.13 and a 12 month high of $1.96. The firm’s fifty day simple moving average is $1.53 and its 200 day simple moving average is $1.41. The company has a market cap of $75.64 million, a price-to-earnings ratio of -6.08 and a beta of 0.55.

Analyst Ratings Changes

MNOV has been the topic of several analyst reports. D. Boral Capital restated a “buy” rating and issued a $9.00 price target on shares of MediciNova in a research note on Friday, January 30th. Lucid Cap Mkts upgraded MediciNova to a “strong-buy” rating in a research report on Monday, January 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. StoneX Group Inc. bought a new stake in MediciNova in the fourth quarter worth about $25,000. Goldman Sachs Group Inc. bought a new stake in shares of MediciNova in the 4th quarter worth approximately $35,000. Citadel Advisors LLC bought a new stake in MediciNova during the third quarter worth approximately $92,000. Jane Street Group LLC acquired a new position in MediciNova in the fourth quarter worth approximately $214,000. Finally, State Street Corp increased its holdings in shares of MediciNova by 10.9% in the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after buying an additional 19,100 shares in the last quarter. Institutional investors own 9.90% of the company’s stock.

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.