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 Sunday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

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

MediciNova Stock Performance

Shares of MNOV opened at $1.40 on Friday. The stock’s 50-day simple moving average is $1.44 and its 200 day simple moving average is $1.76. The stock has a market capitalization of $68.66 million, a price-to-earnings ratio of -6.09 and a beta of 0.46. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Tuesday, May 13th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. On average, research analysts forecast that MediciNova will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of MediciNova

Several hedge funds have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd bought a new position in shares of MediciNova in the fourth quarter worth about $78,000. Barclays PLC lifted its position in shares of 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 buying an additional 12,800 shares in the last quarter. Geode Capital Management LLC raised its position in MediciNova by 1.8% during 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 during the period. SBI Securities Co. Ltd. purchased a new stake in MediciNova during the fourth quarter valued at approximately $113,000. Finally, Millennium Management LLC raised its position in MediciNova by 26.7% during the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 5,470 shares during the period. 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.