Roth Capital Upgrades MediciNova (NASDAQ:MNOV) to “Strong-Buy”

MediciNova (NASDAQ:MNOV) was upgraded by stock analysts at Roth Capital to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Separately, Weiss Ratings raised shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.75.

MediciNova Trading Up 36.9%

MNOV stock opened at $3.45 on Thursday. MediciNova has a one year low of $1.17 and a one year high of $3.90. The firm has a 50-day moving average of $1.50 and a two-hundred day moving average of $1.43. The firm has a market capitalization of $169.81 million, a PE ratio of -16.43 and a beta of 0.63.

MediciNova (NASDAQ:MNOV) last released its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $0.46 million for the quarter, compared to the consensus estimate of $0.07 million. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. On average, equities research analysts anticipate that MediciNova will post -0.28 earnings per share for the current year.

Institutional Trading of MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned approximately 0.16% of MediciNova as of its most recent filing with the Securities & Exchange Commission. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurological, inflammatory, and fibrotic diseases. The company does not currently market an approved product in the United States and instead advances candidates through clinical development and regulatory evaluation.

Its lead compound, MN-166 (ibudilast), is being investigated for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance-use disorders.