D. Boral Capital Reiterates “Buy” Rating for MediciNova (NASDAQ:MNOV)

D. Boral Capital reiterated their buy rating on shares of MediciNova (NASDAQ:MNOV) in a research report released on Friday,Benzinga reports. D. Boral Capital currently has a $9.00 price target on the biopharmaceutical company’s stock.

Separately, StockNews.com assumed coverage on MediciNova in a research report on Friday, March 7th. They set a “hold” rating on the stock.

MediciNova Stock Performance

NASDAQ:MNOV opened at $1.55 on Friday. The firm has a market capitalization of $76.02 million, a price-to-earnings ratio of -6.74 and a beta of 0.73. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The stock has a fifty day moving average of $1.82 and a 200 day moving average of $1.89.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Equities analysts forecast that MediciNova will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

A number of large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in shares of MediciNova in the third quarter worth about $30,000. Geode Capital Management LLC increased its holdings in shares of MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after buying an additional 47,201 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of MediciNova in the fourth quarter worth about $78,000. SBI Securities Co. Ltd. purchased a new position in shares of MediciNova in the fourth quarter worth about $113,000. Finally, Millennium Management LLC increased its holdings in shares of MediciNova by 26.7% in the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after buying an additional 5,470 shares during the period. Hedge funds and other institutional investors own 9.90% of the company’s stock.

About MediciNova

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.