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

MediciNova (NASDAQ:MNOV) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01, FiscalAI reports. The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.07 million. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 27.28%.

MediciNova Stock Performance

MediciNova stock traded up $0.01 during midday trading on Friday, hitting $1.31. 23,202 shares of the company’s stock were exchanged, compared to its average volume of 53,091. MediciNova has a 12 month low of $1.17 and a 12 month high of $1.96. The firm has a 50-day moving average of $1.34 and a two-hundred day moving average of $1.41. The company has a market cap of $64.72 million, a PE ratio of -5.72 and a beta of 0.63.

Institutional Investors Weigh In On MediciNova

Several large investors have recently modified their holdings of MNOV. StoneX Group Inc. bought a new position in shares of MediciNova during the fourth quarter valued at approximately $25,000. Goldman Sachs Group Inc. bought a new position in MediciNova in the fourth quarter worth approximately $35,000. Citadel Advisors LLC bought a new position in MediciNova in the third quarter worth approximately $92,000. Jane Street Group LLC bought a new position in MediciNova in the fourth quarter worth approximately $214,000. Finally, State Street Corp lifted its holdings in MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after buying an additional 19,100 shares during the period. Institutional investors own 9.90% of the company’s stock.

Analysts Set New Price Targets

MNOV has been the topic of several recent analyst reports. D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of MediciNova in a research note on Monday, May 4th. Weiss Ratings cut shares of MediciNova from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.33.

About MediciNova

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.