It is currently trading at $7.11 significantly above $6.32, the 50 day moving average and much higher than the 200 day moving average of $5.63. The 50 day moving average was up by +12.46% and the 200 day average moved up $1.48. Trading was light with 162K shares changing hands by the end of trading on Tuesday. Volume was down 29.42% under the stocks average daily volume.
Investors are a little more bullish on shares of the company at least if you consider the fall in short interest. The stock experienced a fall in short interest from September 29, 2017 to October 13, 2017 of -0.46%. Short shares fell 9,378 over that timeframe. With short interest at 2,035,987 and short average daily volume at 115,476, days to cover is 18.0 and the percentage of shorted shares was 0.06% on October 13.
There has been some buying insider activity on MediciNova, Inc. (NASDAQ:MNOV) recently. Director Yoshio Ishizaka disclosed the purchase of 5,000 shares. The shares were bought on August 21st for an average price of $5.17. The Director now owns $51,700 of the stock per the Form 4 SEC filing.
These firms have modified their investment in MNOV. As of quarter end Blackrock Inc. had sold 419,142 shares trimming its stake by 99.7%. The value of the company’s investment in MediciNova, Inc. went from $2,517,000 to $6,000 a change of $2,511,000 quarter to quarter. As of the end of the quarter Proshare Advisors LLC had disposed of a total of 1,226 shares trimming its holdings by 5.6%. The value in dollars decreased from $131,000 to $108,000 a change of 17.6% quarter over quarter.
Sg Americas Securities, LLC augmented its investment by buying 29,153 shares an increase of 88.9% as of 06/30/2017. Sg Americas Securities, LLC controls 61,930 shares worth $326,000. The total value of its holdings increased 66.3%. As of quarter end Ubs Group Ag had acquired 10,632 shares growing its position 315.7%. The value of the investment in MediciNova, Inc. increased from $20,000 to $74,000 increasing 270.0% since the last quarter.
In the last earnings report the EPS was $-0.29 and is projected to be $-0.35 for the current year with 35,068,000 shares currently outstanding. Analysts expect next quarter’s EPS to be $1.86 and the next full year EPS is anticipated to be $-0.34.
MediciNova, Inc., a biopharmaceutical company, focuses on acquiring and developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. The company’s product candidate includes MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for the treatment of neurological disorders, including primary and secondary progressive multiple sclerosis; amyotrophic lateral sclerosis; and substance dependence and addiction, including methamphetamine, opioid, and alcohol dependence. Its product pipeline also comprises MN-001 (tipelukast), an orally bioavailable small molecule compound to treat fibrotic diseases, such as nonalcoholic steatohepatitis, idiopathic pulmonary fibrosis, and other fibrotic diseases; MN-221 (bedoradrine), a Ã?2-adrenergic receptor agonist for the treatment of acute exacerbation of asthma; and MN-029 (denibulin), a tubulin binding agent to treat solid tumor cancers. The company was founded in 2000 and is headquartered in La Jolla, California..Advertisement