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

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

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

MediciNova Trading Up 2.7 %

Shares of MediciNova stock opened at $1.51 on Friday. The stock’s fifty day simple moving average is $1.47 and its 200 day simple moving average is $1.78. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The company has a market capitalization of $74.06 million, a PE ratio of -6.56 and a beta of 0.75.

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

Institutional Investors Weigh In On MediciNova

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNOV. Geode Capital Management LLC increased its position 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 acquiring an additional 8,948 shares during the last quarter. Bank of America Corp DE increased its position in shares of MediciNova by 111.3% during 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 last quarter. Barclays PLC raised its stake in shares of MediciNova by 15.5% during the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after purchasing an additional 12,800 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of MediciNova in the fourth quarter valued at $113,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of MediciNova in the fourth quarter valued at $78,000. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.