MediciNova (NASDAQ:MNOV) Posts Earnings Results, Meets Expectations

MediciNova (NASDAQ:MNOV) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06), Zacks reports.

MediciNova Price Performance

Shares of NASDAQ:MNOV traded up $0.05 during trading on Wednesday, hitting $1.97. The company’s stock had a trading volume of 22,537 shares, compared to its average volume of 23,829. The company has a 50-day moving average of $2.00 and a 200-day moving average of $1.83. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The firm has a market cap of $96.63 million, a price-to-earnings ratio of -9.38 and a beta of 0.82.

Wall Street Analysts Forecast Growth

MNOV has been the topic of a number of recent analyst reports. D. Boral Capital initiated coverage on shares of MediciNova in a report on Monday, December 2nd. They set a “buy” rating and a $9.00 price target on the stock. StockNews.com initiated coverage on shares of MediciNova in a report on Wednesday. They set a “hold” rating on the stock.

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. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other 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, as well as prevention of acute respiratory distress syndrome, and long COVID.