Key Points
- 3D Investment Partners sold 640,000 MediciNova shares for approximately $1.73 million at an average price of $2.70, reducing its position by 11.63% while retaining about 4.86 million shares.
- MediciNova shares were trading down 8.6%, with the stock opening at $1.92. The company remains unprofitable, although its latest quarterly loss of $0.05 per share beat analysts’ expectations and revenue exceeded estimates.
- Analyst sentiment remains relatively positive, with a consensus “Moderate Buy” rating and an average price target of $7.75; Roth Capital recently initiated coverage with a $6.00 target.
MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) major shareholder 3D Investment Partners Pte. Lt sold 640,000 shares of the firm's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $2.70, for a total transaction of $1,728,000.00. Following the completion of the transaction, the insider directly owned 4,862,047 shares of the company's stock, valued at approximately $13,127,526.90. This trade represents a 11.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
MediciNova Trading Down 8.6%
Shares of MNOV stock opened at $1.92 on Wednesday. MediciNova, Inc. has a 1 year low of $1.17 and a 1 year high of $3.90. The firm's fifty day moving average price is $1.72 and its two-hundred day moving average price is $1.50. The firm has a market capitalization of $94.50 million, a P/E ratio of -9.14 and a beta of 0.63.
MediciNova (NASDAQ:MNOV - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. MediciNova had a negative net margin of 1,168.70% and a negative return on equity of 26.51%. The company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.07 million. As a group, equities research analysts forecast that MediciNova, Inc. will post -0.25 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
MNOV has been the subject of several recent research reports. Weiss Ratings raised MediciNova from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, September 2nd. HC Wainwright reaffirmed a "buy" rating on shares of MediciNova in a research report on Tuesday. Finally, Roth Capital initiated coverage on MediciNova in a research note on Thursday, September 17th. They set a "buy" rating and a $6.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $7.75.
Get Our Latest Research Report on MNOV
Institutional Inflows and Outflows
An institutional investor recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new position in shares of MediciNova, Inc. (NASDAQ:MNOV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 78,277 shares of the biopharmaceutical company's stock, valued at approximately $103,000. Bank of New York Mellon Corp owned about 0.16% of MediciNova at the end of the most recent reporting period. 9.90% of the stock is currently owned by hedge funds and other institutional investors.
More MediciNova News
Here are the key news stories impacting MediciNova this week:
- Positive Sentiment: H.C. Wainwright reiterated its Buy rating on MediciNova, signaling that the analyst sees value despite the clinical setback. H.C. Wainwright Reiterates Buy Rating on MediciNova
- Positive Sentiment: MN-001 produced statistically significant increases in HDL-C and HDL-P, an early triglyceride reduction, lower body weight, and a numerical improvement in liver fat. MediciNova Announces Topline Results from MN-001 Clinical Trial
- Negative Sentiment: The Phase 2 trial failed to meet its primary endpoints, prompting concerns about MN-001’s efficacy and contributing to the stock’s decline. MediciNova Shares Fall After Phase 2 Trial Miss
- Negative Sentiment: Unusually heavy put-option buying—3,923 contracts versus average volume of 168—reflects markedly increased bearish or hedging activity.
- Negative Sentiment: Major shareholder 3D Investment Partners sold 640,000 shares for approximately $1.73 million, reducing its position by 11.63%; the sale may add investor concern about near-term sentiment. SEC Ownership Filing
About MediciNova
(
Get Free Report)
MediciNova, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurological, inflammatory, and fibrotic diseases. The company does not currently market an approved product in the United States and instead advances candidates through clinical development and regulatory evaluation.
Its lead compound, MN-166 (ibudilast), is being investigated for conditions including progressive multiple sclerosis, amyotrophic lateral sclerosis, and substance-use disorders.
Further Reading
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