MediciNova (NASDAQ:MNOV) Announces Earnings Results

MediciNova (NASDAQ:MNOV) released its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06), FiscalAI reports. The business had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.05 million. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%.

MediciNova Stock Down 0.7%

Shares of MNOV traded down $0.01 during mid-day trading on Thursday, hitting $1.40. 12,073 shares of the company traded hands, compared to its average volume of 54,591. The stock has a 50-day moving average price of $1.79 and a two-hundred day moving average price of $1.50. MediciNova has a 1 year low of $1.22 and a 1 year high of $3.90.

Insiders Place Their Bets

In related news, major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. HC Wainwright reissued a “buy” rating on shares of MediciNova in a report on Tuesday, September 29th. Finally, Roth Capital assumed coverage on MediciNova in a report on Thursday, September 17th. They issued a “buy” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.75.

MediciNova Company Profile

MediciNova, Inc. (NASDAQ: MNOV) is a clinical-stage biopharmaceutical company based in San Diego, California. The company develops small-molecule therapies for diseases with significant unmet medical needs, with a primary focus on neurological, neurodegenerative, and other serious medical conditions. Its lead development program is MN-166, also known as ibudilast, an orally administered compound with anti-inflammatory and neuroprotective properties. MediciNova has evaluated ibudilast in clinical studies for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance use disorders.