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

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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.

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