UPDATE: Rodman & Renshaw Places PT on MediciNova Under Review, Maintains Outperform

According to a research report published this morning, Rodman & Renshaw maintains its Outperform on MediciNova

and places its previous $13 price target under review. Rodman & Renshaw mentioned in the report, "On May 23, 2012 MediciNova announced results from its Phase 2b trial in asthma exacerbations. While the primary endpoint was missed, there were positive indications in secondary measures. Once a patient received the initial standardized care treatment regimen, the patient was assessed for response to that treatment. If the patient's forced expiratory volume in one second (FEV1) was less than or equal to 50 percent of predicted value, he/she was randomized to receive either MN-221 or placebo. The primary outcome measure was change from baseline in predicted FEV1 (i.e., Forced Expiratory Volume in One Second expressed as a percent of predicted value) after MN-221 infusion compared to placebo (standard of care) at hour 3 (two hours after the infusion ended). An investigator sponsored Phase 2 clinical trial of ibudilast as a potential new pharmacotherapy for headache medication overuse is expected to complete enrollment by YE12^3." MediciNova closed yesterday at $1.64