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Saturday, July 24, 2021

MediciNova Inc. (NASDAQ:MNOV) Stock is Soaring, Here is Why

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The MediciNova Inc. (MNOV) shares are trading at higher $11.00 and the avg recommendation for the stock is Strong Buy.

To add more color to this target, the company’s high over the last year is $9.82 and the low is $2.79. Over the last 52 weeks, MNOV is up 12.00% while the S&P 500 is up 0.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, MNOV reported a profit of $0.21 million. MediciNova Inc. also saw revenues increase to $2.92 million. In addition, MNOV has free cash flow of -$2.88 million as of 03-2020. The company’s EBITDA came in at -$2.92 million which compares well with its peers.

MNOV Return on Equity (ROE) is -14.80%, and its Return on Assets is -14.10%. All told, it is clear that, MNOV needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. MNOV has a short ratio of 18.64 and outstanding shares of 43.95M.

Company Outlook

MNOV has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 87170.0 and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.25. MediciNova Inc. MNOV also noted assets of $77.02 million at the end of the last quarter. Investors should also keep an eye on sector updates as MNOV has historically followed its peers on positive news.

All told, MediciNova Inc. MNOV has strung together solid data and demonstrated underlying fundamentals. At its current valuation, MNOV represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

MediciNova Inc. MNOV is now commanding a market cap of 495.00M and a float of 39.57M. MNOV is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of MNOV stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in MNOV, either long or short, and we have not been compensated for this article.

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