STOCKS TELEGRAPH

Tag: MNOV Stock Price

  • MediciNova, Inc. (MNOV) Stock Skyrocketed on Tuesday, Here’s the Reason

    MediciNova, Inc. (MNOV), a biopharmaceutical company, has plunged 1.81% in aftermarket trading session. Consequently, MNOV is trading at $4.41 at the time of the writing. On Tuesday, MNOV closed the day at $4.42 after surging 43.97% during regular trading hours. The consistent increase could be attributed to a positive development regarding a preclinical study of MN-166.

    Why MNOV Rising?

    On Monday, MNOV announced the results from a pre-clinical study of MN-166 in a combination with the PD-1 inhibitor. The results were presented at the 26th annual meeting of the Society for Neuro-Oncology (SNO). The data was taken from a study involving MN-166 and a PD-1 inhibitor in a glioblastoma pre-clinical model. After the GBM orthotopic tumours were injected, a mouse was treated with the control with a PD-1 antibody alone as well as in combination with MN-166. The median survival for the mice which was treated with PD-1 antibody was 28 days. For the combination of MN-166 and PD-1 antibody, the median survival increased to 66 days.

    Q3 2021 Financial Highlights

    On 12th November, MNOV released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $75.02 million on 30th September 2021. The total revenue generated by the company during the period was $37,500. The total operating expenses for the three months were $3.63 million against $3.73 million for the same period of 2020. The comprehensive loss suffered by the company during the quarter was $3.58 million against $3.70 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.07 against $0.08 for the same quarter of 2020.

    Executive Commentary

    Yuichi Iwaki, M.D., Ph.D., President and Chief Executive Officer of MNVO, while commenting on the results said that even though the company incurred significant losses since its inception, he remains optimistic keeping in mind the future scenario for the company. He said that the company would continue with certain of the product development programs and in the long-term is aiming to expand its research and development program.

    Future Outlook for MNOV

    The last three months have seen MNOV stock increase by more than 15%, a positive sign when compared with the results for 12 months. Analysts hope that the positive developments associated with MN-166 could take the stock even further in the future to come. So, potential investors should keep a close eye on the stock.

  • How Has Been The MediciNova (MNOV) Stock Skyrocketing In Premarket Session?

    In premarket trading hours, the shares of Medical Nova Inc. (MNOV) have risen 54.26% to $5.80. Last trading session ended with the stock at $3.76, a decrease of -1.83%. Shares of MNOV ranged in price between $3.71 and $3.86.

    In the past 100 days, MNOV has traded 0.37 million shares, which is lower than its daily average of 0.68 million shares. In the last five days, shares of MNOV have lost -12.15%, while in the last month, they have lost -10.69%. Positive results of a trial have sent MNOV stock soaring today.

    What were the encouraging findings?

    MediciNova is a clinical-stage pharmaceutical company developing therapies for inflammation, fibrosis, and neurodegenerative diseases. The MNOV pipeline consists of 11 clinical trials involving two compounds, MN-166 (ibudilast) and MN-001 (tipelukast), with multiple mechanisms of action and robust safety profiles. MN-166 (ibudilast) is the lead program of MNOV and is now in Phase 3 trials for amyotrophic lateral sclerosis (ALS) and degenerative cervical myelopathy (DCM), and can be prepared for Phase 3 trials for progressive multiple sclerosis (MS).

    MediciNova announced today that positive Phase 2 results from a study of MN-166 (ibudilast) in persons suffering from alcohol use disorder (AUD) are published in Nature’s Translational Psychiatry.

    • A clinical trial was conducted by MNOV in collaboration with Dr. Lara Ray, Professor, Department of Psychology and Department of Psychiatry and Biobehavioral Sciences, University of California at Los Angeles (UCLA).
    • The Center for Study of Opioid Receptors and Drugs of Abuse funded MNOV’s that trial.
    • The purpose of the study was to determine how 14 days of ibudilast treatment would affect mood, heavy drinking, and neural reward signals in individuals with AUD.
    • This trial enrolled 52 patients with AUD.

    Among the findings reported in the publication are:

    • Ibudilast did not significantly influence negative mood.
    • A study comparing ibudilast to a placebo found that 45% less heavy drinking occurred over time.
    • In comparison to placebo, ibudilast reduced activation of the ventral striatum (VS) in response to alcohol cues.
    • Drinking in the ibudilast group was predicted by the activation of the ventral striatum attenuated by the medication, such that individuals taking ibudilast had the fewest drinks per drinking day after the scan.

    What does this indicate?

    The MNOV medication Ibudilast reduced alcohol cravings when taking it instead of a placebo. MediciNova (MNOV) has reported findings supporting the use of ibudilast to treat alcohol dependence and suggest the drug may work by reducing the rewarding response to alcohol cues in the brain, thus reducing heavy drinking.