StockNews.com Initiates Coverage on MediciNova (NASDAQ:MNOV)

Stock analysts at StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a research note issued on Saturday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reiterated a “buy” rating and set a $9.00 price target on shares of MediciNova in a report on Wednesday, April 9th.

MediciNova Stock Down 1.3%

MediciNova stock opened at $1.47 on Friday. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The stock has a market cap of $72.10 million, a P/E ratio of -6.39 and a beta of 0.46. The company’s fifty day simple moving average is $1.46 and its 200-day simple moving average is $1.77.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). On average, equities research analysts expect that MediciNova will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of MediciNova

Several large investors have recently added to or reduced their stakes in MNOV. Millennium Management LLC increased its stake in shares of MediciNova by 26.7% during the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 5,470 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of MediciNova by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock valued at $1,082,000 after purchasing an additional 8,948 shares during the last quarter. Jane Street Group LLC boosted its holdings in MediciNova by 64.5% in the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 9,121 shares in the last quarter. Barclays PLC increased its position in MediciNova by 15.5% during the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after buying an additional 12,800 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in MediciNova during the fourth quarter worth $78,000. 9.90% of the stock is owned by institutional investors.

MediciNova Company Profile

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction, as well as prevention of acute respiratory distress syndrome, and long COVID.