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

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

Analysts have set a 12 month consensus target price of $20.67 for the company and are expecting that the company will post ($0.15) earnings per share for the current quarter, according to Zacks. Zacks has also assigned MediciNova an industry rank of 90 out of 256 based on the ratings given to its competitors.

Separately, BidaskClub lowered shares of MediciNova from a “sell” rating to a “strong sell” rating in a report on Friday.

Large investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in shares of MediciNova by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 416,581 shares of the biopharmaceutical company’s stock valued at $3,403,000 after buying an additional 24,391 shares during the period. Bank of America Corp DE boosted its holdings in shares of MediciNova by 231.3% in the 4th quarter. Bank of America Corp DE now owns 35,328 shares of the biopharmaceutical company’s stock valued at $288,000 after buying an additional 24,664 shares during the period. Metropolitan Life Insurance Co. NY boosted its holdings in shares of MediciNova by 373.9% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 13,041 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 10,289 shares during the period. BNP Paribas Arbitrage SA acquired a new position in shares of MediciNova in the 1st quarter valued at about $69,000. Finally, Alps Advisors Inc. boosted its holdings in shares of MediciNova by 5.2% in the 1st quarter. Alps Advisors Inc. now owns 101,861 shares of the biopharmaceutical company’s stock valued at $843,000 after buying an additional 5,077 shares during the period. 21.69% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:MNOV traded up $0.64 during mid-day trading on Wednesday, reaching $9.01. 6,863 shares of the company were exchanged, compared to its average volume of 108,841. MediciNova has a 12 month low of $6.68 and a 12 month high of $13.37. The company has a fifty day moving average of $9.37 and a 200 day moving average of $9.62. The stock has a market cap of $353.36 million, a PE ratio of -24.94 and a beta of 1.19.

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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