MediciNova (NASDAQ:MNOV) Stock Crosses Above 200 Day Moving Average – Here’s Why

MediciNova, Inc. (NASDAQ:MNOV)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.41 and traded as high as $1.41. MediciNova shares last traded at $1.30, with a volume of 117,957 shares trading hands.

Analyst Upgrades and Downgrades

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

MediciNova Trading Up 4.6%

The company has a market capitalization of $66.84 million, a PE ratio of -5.67 and a beta of 0.58. The firm’s 50-day simple moving average is $1.53 and its 200-day simple moving average is $1.41.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $0.15 million for the quarter. As a group, analysts anticipate that MediciNova, Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On MediciNova

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after buying an additional 19,100 shares during the period. StoneX Group Inc. bought a new stake in shares of MediciNova in the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova in the fourth quarter worth about $35,000. Citadel Advisors LLC purchased a new stake in MediciNova in the third quarter worth about $92,000. Finally, Jane Street Group LLC bought a new position in MediciNova during the 4th quarter worth about $214,000. 9.90% of the stock is owned by institutional investors.

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.