MediciNova (NASDAQ:MNOV) Major Shareholder Sells $1,728,000.00 in Stock

MediciNova, Inc. (NASDAQ:MNOV) major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $2.70, for a total value of $1,728,000.00. Following the sale, the insider owned 4,862,047 shares in the company, valued at approximately $13,127,526.90. The trade was a 11.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

MediciNova Stock Performance

Shares of MNOV opened at $1.63 on Friday. The stock has a 50 day moving average price of $1.73 and a two-hundred day moving average price of $1.50. The firm has a market capitalization of $80.23 million, a P/E ratio of -7.76 and a beta of 0.61. MediciNova, Inc. has a 52 week low of $1.17 and a 52 week high of $3.90.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.07 million. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%. On average, equities analysts forecast that MediciNova, Inc. will post -0.25 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 position in MediciNova, Inc. (NASDAQ:MNOV) during the 2nd quarter, according to the company in its most recent Form 13F filing 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 about 0.16% of MediciNova at the end of the most recent quarter. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Roth Capital initiated coverage on MediciNova in a research note on Thursday, September 17th. They set a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reiterated a “buy” rating on shares of MediciNova in a report on Tuesday. Finally, Weiss Ratings raised shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.75.

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.