D. Boral Capital Reaffirms Buy Rating for MediciNova (NASDAQ:MNOV)

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reissued by analysts at D. Boral Capital in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $9.00 price target on the biopharmaceutical company’s stock.

Separately, StockNews.com initiated coverage on MediciNova in a research note on Tuesday. They set a “hold” rating for the company.

MediciNova Stock Performance

Shares of NASDAQ MNOV opened at $1.27 on Wednesday. The firm’s 50 day moving average price is $1.60 and its 200-day moving average price is $1.83. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The company has a market cap of $62.29 million, a PE ratio of -5.52 and a beta of 0.75.

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

Hedge Funds Weigh In On MediciNova

Hedge funds and other institutional investors have recently modified their holdings of the stock. 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 purchasing an additional 5,470 shares during the last quarter. Bank of America Corp DE increased its stake in 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 acquiring an additional 84,963 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of MediciNova by 64.5% during the 4th quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock worth $49,000 after acquiring an additional 9,121 shares in the last quarter. Barclays PLC boosted its position in shares of 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 last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of MediciNova by 1.8% in the fourth 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 in the last quarter. Institutional investors own 9.90% of the company’s stock.

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.