MediciNova (NASDAQ:MNOV) Trading 7.4% Higher

MediciNova, Inc. (NASDAQ:MNOV) traded up 7.4% on Thursday . The company traded as high as $8.88 and last traded at $8.76, 159,700 shares were traded during trading. An increase of 67% from the average session volume of 95,618 shares. The stock had previously closed at $8.16.

A number of equities analysts recently weighed in on the company. ValuEngine raised MediciNova from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. BidaskClub raised MediciNova from a “strong sell” rating to a “sell” rating in a report on Tuesday.

The firm has a 50-day moving average of $7.96 and a 200-day moving average of $9.46. The firm has a market capitalization of $344.69 million, a P/E ratio of -24.33 and a beta of 1.25.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings results on Thursday, July 25th. The biopharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.05. As a group, sell-side analysts anticipate that MediciNova, Inc. will post -0.49 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP bought a new stake in shares of MediciNova in the first quarter worth $54,000. Bank of Montreal Can bought a new stake in MediciNova during the second quarter valued at about $33,000. Charles Schwab Investment Management Inc. grew its holdings in MediciNova by 6.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 96,107 shares of the biopharmaceutical company’s stock valued at $926,000 after purchasing an additional 5,870 shares during the period. Bank of New York Mellon Corp grew its holdings in MediciNova by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 154,456 shares of the biopharmaceutical company’s stock valued at $1,487,000 after purchasing an additional 1,227 shares during the period. Finally, Northern Trust Corp grew its holdings in MediciNova by 3.9% during the second quarter. Northern Trust Corp now owns 525,898 shares of the biopharmaceutical company’s stock valued at $5,065,000 after purchasing an additional 19,750 shares during the period. Institutional investors and hedge funds own 22.32% of the company’s stock.

MediciNova Company Profile (NASDAQ:MNOV)

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.

Read More: What is the Dividend Aristocrat Index?

Receive News & Ratings for MediciNova Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MediciNova and related companies with MarketBeat.com's FREE daily email newsletter.