MediciNova (NASDAQ:MNOV) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com started coverage on shares of MediciNova (NASDAQ:MNOV) in a report released on Wednesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

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

MediciNova Stock Performance

Shares of MNOV stock opened at $1.45 on Wednesday. MediciNova has a fifty-two week low of $1.12 and a fifty-two week high of $2.55. The firm has a market capitalization of $71.12 million, a P/E ratio of -6.30 and a beta of 0.75. The stock’s fifty day moving average is $1.55 and its two-hundred day moving average is $1.81.

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

Institutional Investors Weigh In On MediciNova

A number of hedge funds have recently modified their holdings of MNOV. Jane Street Group LLC purchased a new position in MediciNova during the third quarter worth about $30,000. Millennium Management LLC increased its holdings 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 buying an additional 5,470 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of MediciNova during the 4th quarter valued at approximately $78,000. SBI Securities Co. Ltd. acquired a new position in MediciNova in the fourth quarter valued at approximately $113,000. Finally, Barclays PLC grew its position in MediciNova by 15.5% in the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after acquiring an additional 12,800 shares during the period. Hedge funds and other 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.