Stock Traders Buy Large Volume of Put Options on MediciNova (NASDAQ:MNOV)
by Tristan Rich · The Markets DailyMediciNova, Inc. (NASDAQ:MNOV – Get Free Report) was the target of unusually large options trading activity on Monday. Stock investors acquired 3,923 put options on the company. This is an increase of 2,235% compared to the typical volume of 168 put options.
Hedge Funds Weigh In On MediciNova
An institutional investor recently bought a new stake in MediciNova stock. Bank of New York Mellon Corp acquired a new stake in MediciNova, Inc. (NASDAQ:MNOV – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 78,277 shares of the biopharmaceutical company’s stock, valued at approximately $103,000. Bank of New York Mellon Corp owned approximately 0.16% of MediciNova as of its most recent SEC filing. Hedge funds and other institutional investors own 9.90% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on MNOV shares. Roth Capital started coverage on MediciNova in a research report on Thursday, September 17th. They set a “buy” rating and a $6.00 price objective for the company. Weiss Ratings raised MediciNova from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, MediciNova currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.
Read Our Latest Stock Analysis on MediciNova
MediciNova Stock Performance
NASDAQ MNOV traded down $0.87 during mid-day trading on Monday, reaching $1.71. 1,014,450 shares of the stock were exchanged, compared to its average volume of 136,683. The stock has a market capitalization of $84.36 million, a PE ratio of -8.19 and a beta of 0.63. MediciNova has a 1-year low of $1.17 and a 1-year high of $3.90. The business’s fifty day simple moving average is $1.69 and its 200 day simple moving average is $1.49.
MediciNova (NASDAQ:MNOV – Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. MediciNova had a negative return on equity of 26.51% and a negative net margin of 1,168.70%.The company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.07 million. On average, analysts anticipate that MediciNova will post -0.25 EPS for the current year.
About MediciNova
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.