MediciNova (NASDAQ:MNOV) Issues Earnings Results, Beats Expectations By $0.01 EPS

MediciNova (NASDAQ:MNOV) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01, FiscalAI reports. The company had revenue of $0.19 million for the quarter, compared to the consensus estimate of $0.13 million.

MediciNova Trading Up 2.2%

NASDAQ MNOV traded up $0.03 on Thursday, reaching $1.40. 22,270 shares of the company were exchanged, compared to its average volume of 58,028. The business’s fifty day moving average price is $1.41 and its 200 day moving average price is $1.46. The stock has a market capitalization of $68.91 million, a P/E ratio of -5.83 and a beta of 0.63. MediciNova has a fifty-two week low of $1.17 and a fifty-two week high of $1.96.

Wall Street Analysts Forecast Growth

MNOV has been the subject of several recent research reports. HC Wainwright initiated coverage on MediciNova in a research report on Monday, March 16th. They set a “buy” rating and a $10.00 price target for the company. D. Boral Capital reiterated a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Monday, May 4th. Maxim Group reiterated a “buy” rating and set a $6.00 price target on shares of MediciNova in a research report on Monday, March 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Friday, March 27th. Finally, Zacks Research upgraded MediciNova to a “hold” rating in a research report on Tuesday, March 17th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, MediciNova presently has an average rating of “Moderate Buy” and a consensus price target of $7.50.

Hedge Funds Weigh In On MediciNova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNOV. Citadel Advisors LLC acquired a new position in MediciNova during the third quarter worth $92,000. Goldman Sachs Group Inc. purchased a new stake in MediciNova in the fourth quarter valued at $35,000. StoneX Group Inc. purchased a new stake in MediciNova in the fourth quarter valued at $25,000. Jane Street Group LLC purchased a new stake in MediciNova in the fourth quarter valued at $214,000. Finally, State Street Corp raised its position in 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 purchasing an additional 19,100 shares during the period. Institutional investors and hedge funds own 9.90% of the company’s stock.

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.