MediciNova’s (MNOV) “Buy” Rating Reiterated at Maxim Group

Maxim Group reiterated their buy rating on shares of MediciNova (NASDAQ:MNOV) in a research report released on Monday, MarketBeat.com reports. The firm currently has a $6.00 target price on the biopharmaceutical company’s stock.

MNOV has been the subject of several other reports. D. Boral Capital reissued a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a report on Friday, January 30th. Zacks Research raised MediciNova to a “hold” rating in a report on Tuesday, March 17th. HC Wainwright initiated coverage on MediciNova in a research report on Monday, March 16th. They issued a “buy” rating and a $10.00 target price for the company. Lucid Cap Mkts upgraded MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

MediciNova Price Performance

Shares of MNOV stock opened at $1.46 on Monday. The firm has a fifty day moving average of $1.54 and a two-hundred day moving average of $1.42. The firm has a market cap of $71.86 million, a P/E ratio of -6.08 and a beta of 0.58. MediciNova has a 1-year low of $1.13 and a 1-year high of $1.96.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The company had revenue of $0.15 million during the quarter. On average, sell-side analysts expect that MediciNova will post -0.24 EPS for the current year.

Institutional Investors Weigh In On MediciNova

Hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC acquired a new position in shares of MediciNova during the third quarter valued at $92,000. Goldman Sachs Group Inc. bought a new position in shares of MediciNova during the fourth quarter worth about $35,000. StoneX Group Inc. acquired a new stake in shares of MediciNova in the 4th quarter worth about $25,000. Jane Street Group LLC acquired a new stake in shares of MediciNova in the 4th quarter worth about $214,000. Finally, State Street Corp lifted its position in MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after purchasing an additional 19,100 shares during the last quarter. 9.90% of the stock is currently owned by institutional investors.

MediciNova Company Profile

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.