MediciNova, Inc. (NASDAQ:MNOV) Given $20.67 Consensus Target Price by Brokerages

Shares of MediciNova, Inc. (NASDAQ:MNOV) have earned a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that cover the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy rating.

Analysts have set a twelve-month consensus price objective of $20.67 for the company and are forecasting that the company will post ($0.08) earnings per share for the current quarter, according to Zacks. Zacks has also assigned MediciNova an industry rank of 87 out of 255 based on the ratings given to related companies.

MNOV has been the topic of several analyst reports. BidaskClub cut MediciNova from a “sell” rating to a “strong sell” rating in a research report on Saturday, January 18th. ValuEngine upgraded MediciNova from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd.

A number of institutional investors and hedge funds have recently bought and sold shares of MNOV. BlackRock Inc. increased its position in shares of MediciNova by 11.6% during the 2nd quarter. BlackRock Inc. now owns 3,135,311 shares of the biopharmaceutical company’s stock valued at $30,194,000 after purchasing an additional 326,947 shares during the period. Vanguard Group Inc. increased its position in shares of MediciNova by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,664,525 shares of the biopharmaceutical company’s stock valued at $16,029,000 after purchasing an additional 16,021 shares during the period. State Street Corp increased its position in shares of MediciNova by 6.5% during the 3rd quarter. State Street Corp now owns 740,656 shares of the biopharmaceutical company’s stock valued at $5,892,000 after purchasing an additional 45,126 shares during the period. Northern Trust Corp increased its position in shares of MediciNova by 3.9% during the 2nd quarter. Northern Trust Corp now owns 525,898 shares of the biopharmaceutical company’s stock valued at $5,065,000 after purchasing an additional 19,750 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in shares of MediciNova by 31.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 397,226 shares of the biopharmaceutical company’s stock valued at $3,805,000 after purchasing an additional 95,146 shares during the period. Hedge funds and other institutional investors own 22.26% of the company’s stock.

Shares of MediciNova stock opened at $6.44 on Tuesday. The business’s 50 day simple moving average is $7.04 and its 200-day simple moving average is $8.01. The stock has a market capitalization of $286.73 million, a price-to-earnings ratio of -25.76 and a beta of 1.16. MediciNova has a twelve month low of $6.36 and a twelve month high of $13.37.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Friday, October 25th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. As a group, research analysts forecast that MediciNova will post -0.34 EPS for the current year.

About MediciNova

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction.

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