MediciNova Inc. (NASDAQ: MNOV)
MediciNova Inc. is a biopharmaceutical company based out of La Jolla. CA. The FDA recently approved a second protocol for a clinical trial evaluating MN-001 (tipelukast) for a NASH indication. This study targets NASH patients with MRI assessed hypertriglyceridemia to evaluate the ability of MN-001 to improve cardiovascular risk by assessing cholesterol-efflux capacity and serum triglyceride levels as well as reduction of percent fat in the liver. Global Newswire
MediciNova’s CEO’s Comments
Yuichi Iwaki, MD, PhD, President and Chief Executive Officer of MediciNova, Inc., commented, “We are very pleased to have successfully completed the FDA review period and look forward to initiating patient enrollment shortly. The safety and efficacy data from this trial will be important to our overall development efforts targeting NASH and should be complementary to efforts underway. In previous clinical trials and preclinical studies, serum triglyceride levels were reduced in MN-001-treated groups. It is well known that NASH patients often have elevated serum lipid levels, one of the factors that contribute to cardiovascular disease. Recent studies have confirmed that cardiovascular disease is the single most important cause of mortality in this patient population. Importantly, MN-001’s anti-fibrotic properties combined with its potential to reduce triglyceride levels in NASH patients offers a novel approach to the treatment of NASH.” Yahoo Finance
MNOV Technical Analysis
MNOV gapped up yesterday in price to $4.63 up from a prior close of $3.51 which is a 32% increase based on favorable drug news. Taking a look at the daily chart the last time the stock was at these price levels was another impressive gap up day back on april 15 and 16 where it gapped up from $3.51 to $5.25 a 42% increase based on news that their drug received fast track designation. On April 16 it reached its yearly high of $5.90, but it quickly filled in the gap up and by April 20 it was trading around the $4 price level. So for today’s trading I would expect similar behavior, we may have a run up at the bell which would make it a great stock for the gap and go strategy. Another positive for that strategy is that it has a low float of 22.4 million shares which would make it a prime target for quick movement. I would be looking to bank quick profits if it does move up at the opening bell as it has shown in the past to fill the gap after a quick spike in price.
Company Profile
MediciNova, Inc., a biopharmaceutical company, focuses on acquiring and developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs for the United States market. Its product candidates include MN-166 (Ibudilast), an anti-inflammatory and neuroprotective agent, which has completed Phase II clinical trials for the treatment of neurological disorders; MN-221 (Bedoradrine), a ß2-adrenergic receptor agonist that has completed Phase IIb clinical trials for the treatment of acute exacerbations of asthma; MN-001 (Tipelukast), an orally bioavailable small molecule compound, which has completed a pre-clinical study for the treatment of nonalcoholic steatohepatitis; and MN-029 (Denibulin), a novel tubulin binding agent under development for the treatment of solid tumors. MediciNova, Inc. was founded in 2000 and is based in La Jolla, California. Yahoo Finance