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Global Hunter Securities Starts MediciNova (MNOV) at Speculative Buy; Undervalued Opportunity but Uncertainties Lie Ahead

June 22, 2011 7:45 AM EDT Send to a Friend
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Price: $3.03 --0%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 11 | New: 37
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Global Hunter Securities initiates coverage on MediciNova (NASDAQ: MNOV) with a Speculative Buy. PT $4.

Global analyst said, "We view MN-221, the company’s lead candidate and value driver, as a promising IV therapy in patients with severe exacerbations of asthma and chronic obstructive pulmonary disease (COPD) based on early efficacy and safety data. We believe MN-221’s potential lack of cardiac safety events due to its greater β2-adrenergic receptor selectivity differentiates itself from other existing β2-agonists. Feedback from pulmonologists, critical care specialists and ER physicians indicate, however, that it is premature to rule out cardiac events for MN-221, given that the drug has not been tested in a significant number of patients. We believe the Phase IIb and Phase III studies should help mitigate this concern."

For more ratings news on MediciNova click here and for the rating history of MediciNova click here.

Shares of MediciNova closed at $2.34 yesterday.




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