MediciNova (NASDAQ:MNOV) Share Price Crosses Above 200 Day Moving Average – Here’s Why

MediciNova, Inc. (NASDAQ:MNOV) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.50 and traded as high as $1.62. MediciNova shares last traded at $1.56, with a volume of 16,286 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on MediciNova in a research note on Thursday. They set a “hold” rating on the stock.

MediciNova Stock Performance

The business has a 50 day moving average of $1.81 and a 200-day moving average of $1.50. The company has a market capitalization of $76.52 million, a P/E ratio of -9.75 and a beta of 0.77.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities analysts forecast that MediciNova, Inc. will post -0.23 EPS for the current fiscal year.

MediciNova Company Profile

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.