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Due Diligence Report: MNOV Moves Higher As Investors Jump In
Summary:
MediciNova, Inc. is a biopharmaceutical company. The Company is focused on acquiring and developing small molecule therapeutics for the treatment of serious diseases with unmet medical needs and a commercial focus on the United States market. It is focused on its development activities on MN-166 (ibudilast) for neurological disorders, such as progressive multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS) and substance dependence, and MN-001 (tipelukast) for fibrotic diseases, such as nonalcoholic steatohepatitis (NASH) and idiopathic pulmonary fibrosis (IPF). Its pipeline includes MN-221 (bedoradrine) for the treatment of acute exacerbation of asthma and MN-029 (denibulin) for solid tumor cancers.
MediciNova, Inc. has a current market capitalization of $225.93M with 30.00 M outstanding shares. Its daily average volume traded 382,079 shares.
Financial Highlights (Q4 2015):
Revenue: Nil
Gross Profit: Nil
Net Income: -2.74 M
Cash and Cash Equivalents: 22.08 M
Total Debt: Nil
Recent News and Analysis:
The company recently announced that the medical journal Drug and Alcohol Dependence has published a new article regarding positive findings from a completed Phase 1b clinical trial of MN-166 (ibudilast) in methamphetamine dependence. The article, which was written by Matthew J. Worley, Keith G. Heinzerling, and colleagues at the University of California, Los Angeles (UCLA), reports that MN-166 (ibudilast) was shown to significantly reduce the subjective effects of methamphetamine in subjects diagnosed with methamphetamine dependence. Major findings from the publication, “Ibudilast attenuates subjective effects of methamphetamine in a placebo-controlled inpatient study,” include the following:
- MN-166 significantly reduced the prototypical subjective effects of methamphetamine, such as “high” (How high are you?) (p<0.01), “effect” (Any drug effect?) (p<0.001), and “good” (Any good effects?) (p<0.05);
- MN-166 also showed a reduction in subjective effects such as “stimulated” (How stimulated do you feel?) and “like” (How much do you like the drug?).
Yuichi Iwaki, MD, PhD, President and Chief Executive Officer of MediciNova, Inc., commented, “We are very pleased that the detailed results of the first clinical trial evaluating MN-166 in methamphetamine-dependent subjects have been published. Based on the reported positive findings from this study, we continue to work in collaboration with researchers at UCLA on a much larger ongoing Phase 2 clinical study to evaluate MN-166 in methamphetamine-dependent subjects.”
The 7 months technical chart setup indicates low risk for the $225.93 million company. The gap was reported on Mar, 29 by Barchart.com. If the $8.50 price target is reached, the company will be worth $18.00 M more. Gaps up are useful for using as a support level and to some extent as a tradable event. If investors already hold the stock and experience a price gap up, then it’s usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 7.63% or $0.56 during the last trading session, hitting $7.90. About 459,334 shares traded hands or 112.91% up from the average. MediciNova, Inc. (NASDAQ:MNOV) has risen 101.91% since August 20, 2015 and is uptrending. It has outperformed by 101.85% the S&P500.
Conclusions:
The institutional sentiment increased to 1.71 in 2015 Q3. It’s up 0.71, from 1 in 2015Q2. The ratio is positive, as 3 funds sold all MediciNova, Inc. shares owned while 4 reduced positions. 5 funds bought stakes while 7 increased positions. They now own 6.42 million shares or 155.27% more from 2.52 million shares in 2015Q2. Essex Woodlands Health Ventures Inc. holds 0.6% of its portfolio in MediciNova, Inc. for 1.17 million shares. Sabby Management LLC owns 500,000 shares or 0.06% of their US portfolio. Moreover, Bridgeway Capital Management Inc. has 0.01% invested in the company for 91,982 shares. The North Carolina-based Bank of America Corp De has invested 0% in the stock. Blackrock Fund Advisors, a California-based fund reported 59,425 shares. The big fish are interested; should you be too?
Sources:
- http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=MNOV.O
- https://www.google.ca/finance?q=NASDAQ%3AMNOV&hl=en&gl=ca&ei=ugkAV-HcKseQ2AbNiJ6YCw
- http://finance.yahoo.com/q?s=MNOV&ql=0
- https://www.google.ca/finance?q=NASDAQ%3AMNOV&fstype=ii&hl=en&gl=ca&ei=Rg0AV_CzKISVjAGihJ_IBw
- http://finance.yahoo.com/news/medicinova-announces-publication-positive-findings-230000570.html
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