Zacks: MediciNova, Inc. (MNOV) Given Consensus Rating of “Strong Buy” by Brokerages

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

Analysts have set a 12-month consensus target price of $19.67 for the company and are predicting 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 94 out of 255 based on the ratings given to related companies.

MNOV has been the topic of several recent analyst reports. ValuEngine raised MediciNova from a “hold” rating to a “buy” rating in a research note on Saturday, June 2nd. BidaskClub lowered MediciNova from a “hold” rating to a “sell” rating in a research note on Monday, May 14th.

Shares of MediciNova stock traded up $0.19 during trading hours on Friday, hitting $11.54. The company’s stock had a trading volume of 31,919 shares, compared to its average volume of 64,115. MediciNova has a twelve month low of $5.31 and a twelve month high of $14.50. The firm has a market cap of $475.33 million, a PE ratio of -36.06 and a beta of 0.32.

Several hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System raised its holdings in shares of MediciNova by 9.8% in the 1st quarter. California State Teachers Retirement System now owns 59,062 shares of the biopharmaceutical company’s stock valued at $604,000 after buying an additional 5,293 shares during the period. Alps Advisors Inc. raised its holdings in shares of MediciNova by 11.0% in the 2nd quarter. Alps Advisors Inc. now owns 59,686 shares of the biopharmaceutical company’s stock valued at $475,000 after buying an additional 5,914 shares during the period. Wells Fargo & Company MN raised its holdings in shares of MediciNova by 16.7% in the 1st quarter. Wells Fargo & Company MN now owns 52,920 shares of the biopharmaceutical company’s stock valued at $542,000 after buying an additional 7,570 shares during the period. New York State Common Retirement Fund raised its holdings in shares of MediciNova by 28.9% in the 1st quarter. New York State Common Retirement Fund now owns 34,867 shares of the biopharmaceutical company’s stock valued at $356,000 after buying an additional 7,825 shares during the period. Finally, Schwab Charles Investment Management Inc. raised 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 valued at $631,000 after buying an additional 10,435 shares during the period. Hedge funds and other institutional investors own 21.53% of the company’s stock.

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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