In a report released today, Mayank Mamtani from B.Riley FBR maintained a Buy rating on Medicinova (MNOV), with a price target of $22. The company’s shares closed on Friday at $10.42.
Mamtani noted:
“MediciNova, Inc. (MNOV) announced a positive Type C meeting outcome based on recent FDA feedback relating to Phase III program in secondary progressive Multiple Sclerosis (SPMS). This, in our view, represents the most favorable scenario where MNOV is required to conduct only a single Ph. III trial and can focus on studying its lead drug, MN-166 (ibudilast), in a target population that (1) currently has no FDA-approved treatment options, (2) represents a sizeable patient pool, and (3) is enriched for increased probability for MN-166 to demonstrate clinically meaningful efficacy based on prior Ph. II data.”
According to TipRanks.com, Mamtani is a 1-star analyst with an average return of -4.3% and a 35.2% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Medicinova with a $22 average price target.
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The company has a one-year high of $13.37 and a one-year low of $6.68. Currently, Medicinova has an average volume of 141K.
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MediciNova, Inc. is a biopharmaceutical company. It is engaged in acquiring and developing novel, small molecule therapeutics for the treatment of serious diseases for the treatment of diseases with unmet medical need.
