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

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a report issued on Sunday. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reissued a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Friday, March 14th.

MediciNova Stock Up 1.3 %

Shares of MNOV opened at $1.53 on Friday. The stock has a market capitalization of $75.04 million, a P/E ratio of -6.65 and a beta of 0.73. The firm has a fifty day simple moving average of $1.77 and a two-hundred day simple moving average of $1.89. MediciNova has a twelve month low of $1.12 and a twelve month high of $2.55.

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

Institutional Investors Weigh In On MediciNova

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC lifted its position in shares of MediciNova by 26.7% in 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 period. Bank of America Corp DE lifted its position in shares of MediciNova by 111.3% in the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock worth $339,000 after purchasing an additional 84,963 shares during the period. Jane Street Group LLC lifted its position in shares of MediciNova by 64.5% in the 4th 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 during the period. Barclays PLC lifted its position in MediciNova by 15.5% during the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after acquiring an additional 12,800 shares during the period. Finally, Geode Capital Management LLC lifted its position in MediciNova by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock valued at $1,082,000 after acquiring an additional 8,948 shares during the period. 9.90% of the stock is owned by hedge funds and other 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.