Brokerages Set $19.67 Price Target for MediciNova, Inc. (MNOV)

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

Brokers have set a 12 month consensus price objective of $19.67 for the company and are anticipating that the company will post ($0.11) earnings per share for the current quarter, according to Zacks. Zacks has also given MediciNova an industry rank of 92 out of 257 based on the ratings given to its competitors.

Separately, BidaskClub raised MediciNova from a “strong sell” rating to a “sell” rating in a report on Friday, July 27th.

NASDAQ:MNOV traded down $1.26 during trading hours on Thursday, reaching $10.90. 90,550 shares of the stock were exchanged, compared to its average volume of 93,543. MediciNova has a 52 week low of $5.81 and a 52 week high of $14.50. The company has a market cap of $480.38 million, a PE ratio of -34.06 and a beta of 0.73.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in shares of MediciNova by 10.3% in the 2nd quarter. BlackRock Inc. now owns 2,375,416 shares of the biopharmaceutical company’s stock worth $18,909,000 after purchasing an additional 222,277 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of MediciNova by 9.3% in the 2nd quarter. Northern Trust Corp now owns 455,130 shares of the biopharmaceutical company’s stock worth $3,623,000 after purchasing an additional 38,551 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of MediciNova by 20.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 151,609 shares of the biopharmaceutical company’s stock worth $1,207,000 after purchasing an additional 25,554 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of MediciNova by 15.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 79,235 shares of the biopharmaceutical company’s stock worth $631,000 after purchasing an additional 10,435 shares during the last quarter. Finally, Alps Advisors Inc. lifted its holdings in shares of MediciNova by 24.2% in the 3rd quarter. Alps Advisors Inc. now owns 74,109 shares of the biopharmaceutical company’s stock worth $926,000 after purchasing an additional 14,423 shares during the last quarter. 21.55% of the stock is currently owned by institutional investors and hedge funds.

MediciNova Company Profile

MediciNova, Inc, a biopharmaceutical company, focuses on acquiring and developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. The company's product candidate includes MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for the treatment of neurological disorders consisting of primary and secondary progressive multiple sclerosis; amyotrophic lateral sclerosis; and substance dependence and addiction.

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