MediciNova, Inc. (MNOV) Given $19.67 Consensus Price Target by Analysts

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

Analysts have set a 1-year consensus price objective of $19.67 for the company and are expecting that the company will post ($0.14) earnings per share for the current quarter, according to Zacks. Zacks has also given MediciNova an industry rank of 58 out of 255 based on the ratings given to its competitors.

A number of research analysts have recently commented on the company. BidaskClub upgraded MediciNova from a “strong sell” rating to a “sell” rating in a research note on Tuesday. B. Riley reiterated a “buy” rating and issued a $22.00 price target on shares of MediciNova in a research note on Monday, March 25th.

NASDAQ:MNOV traded up $0.22 during trading hours on Friday, reaching $10.56. 21,925 shares of the company were exchanged, compared to its average volume of 66,417. The company has a market capitalization of $442.38 million, a P/E ratio of -33.00 and a beta of 1.12. MediciNova has a 1-year low of $6.68 and a 1-year high of $14.01.

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in MediciNova by 1.4% in the third quarter. Vanguard Group Inc. now owns 1,584,153 shares of the biopharmaceutical company’s stock worth $19,787,000 after purchasing an additional 22,432 shares during the last quarter. BlackRock Inc. raised its position in MediciNova by 1.4% during the third quarter. BlackRock Inc. now owns 2,408,793 shares of the biopharmaceutical company’s stock worth $30,084,000 after acquiring an additional 33,377 shares during the period. Alps Advisors Inc. raised its position in MediciNova by 30.6% during the fourth quarter. Alps Advisors Inc. now owns 96,784 shares of the biopharmaceutical company’s stock worth $791,000 after acquiring an additional 22,675 shares during the period. Alliancebernstein L.P. acquired a new position in MediciNova during the third quarter worth $132,000. Finally, Vanguard Group Inc raised its position in MediciNova by 1.4% during the third quarter. Vanguard Group Inc now owns 1,584,153 shares of the biopharmaceutical company’s stock worth $19,787,000 after acquiring an additional 22,432 shares during the period. 21.74% of the stock is currently owned by institutional investors and hedge funds.

MediciNova Company Profile

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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