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Why MediciNova Inc (MNOV) stock facing negativity since Monday’s after-hours?

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MediciNova Inc. (MNOV) shares lost 5.71% in after-hours on Monday, June 21, 2021, and the plummeting continues in the pre-market session on Tuesday as well. As of this writing, MNOV stock has lost 6.67% and trading at $3.92 per share. On Monday, MNOV’s stock gained 11.70% to close Monday’s normal trading session at $4.20 per share. MNOV shares have fallen 22.51% over the last 12 months, and they have moved down 0.71% in the past week. Over the past three months, the stock has lost 5.27%, while over the past six months, it has declined 32.58%.

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Positive Results from Phase 2 Trial of MN-166 (ibudilast) 

On June 21, 2021, MediciNova, Inc reported positive results from a Phase 2 trial of MN-166 (ibudilast) in alcohol use disorder (AUD) which were published in Nature’s Translational Psychiatry.


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The main highlights of the publication include the following

Participation in the upcoming Maxim Group LLC Fireside Chat

MediciNova, Inc will participate in a fireside chat hosted by Maxim Group LLC Analyst Jason McCarthy, Ph.D., Senior Managing Director, Biotechnology, on Wednesday, June 23, 2021, at 1:00 pm ET.

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The company will be presented by Yuichi Iwaki, MD, Ph.D., President and Chief Executive Officer, and Geoffrey O’Brien, JD/MBA, Vice President and Executive Officer of MNOV.

Initiating Sheep Studywith BARDA

On June 07, 2021, MediciNova, Inc commenced a sheep study to investigate MN-166 (ibudilast) in an ovine model of chloride-induced acute lung injury. The study will evaluate pulmonary function, lung injury and edema formation, cardiopulmonary hemodynamics, and systemic vascular permeability.

Recent financial results announcement

On May 13, 2021, MediciNova, Inc released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

Conclusion

On Monday, the stock went up after the company released positive results from a Phase 2 trial of MN-166. But there are no grounds for its loss in the after-hours on Monday and in the pre-market session on Tuesday. Let’s waits and see how MNOV performs in the remaining sessions on Tuesday?

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