MediciNova (MNOV) in Focus: Stock Moves 9.5% Higher – Tale of the Tape

January 29, 2015 Technicals 0

Zacks

MediciNova Inc. (MNOV) was a big mover last session with its shares rising roughly 10% on the day. The upside was owing to the company’s announcement that the IND (Investigational New Drug) Application for MN-001 (tipelukast) for the treatment of NASH (nonalcoholic steatohepatitis) has been accepted and is now open with the FDA. This led to far more shares changing hands than in a normal session. The move breaks the recent trend for the company, as the stock is now trading above the volatile price range of $3.22 to $3.63 since Jan 9.

This biopharmaceutical company has seen one negative estimate revision in the last 30 days. The Zacks Consensus Estimate has also moved lower over the same period. This suggests trouble down the road. So make sure to keep an eye on this stock going forward to see if yesterday’s rally can last.

MediciNova currently has a Zacks Rank #4 (Sell) while its Earnings ESP is 0.00%.

Investors interested in the biomedical industry may consider a better-ranked stock like Regado Biosciences, Inc. (RGDO) which sports a Zacks Rank #1 (Strong Buy).

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