MediciNova (NASDAQ:MNOV) Earns “Buy” Rating from D. Boral Capital

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating restated by equities researchers at D. Boral Capital in a report released on Thursday,Benzinga reports. They presently have a $9.00 target price on the biopharmaceutical company’s stock.

A number of other equities research analysts have also recently issued reports on MNOV. B. Riley upgraded shares of MediciNova from a “buy” rating to a “strong-buy” rating and decreased their price objective for the stock from $6.00 to $5.00 in a report on Monday, June 16th. Wall Street Zen assumed coverage on shares of MediciNova in a report on Sunday, May 18th. They issued a “hold” rating for the company.

MediciNova Trading Up 17.7%

MNOV stock opened at $1.46 on Thursday. The firm has a market cap of $71.61 million, a PE ratio of -6.35 and a beta of 0.40. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55. The company has a fifty day simple moving average of $1.33 and a 200 day simple moving average of $1.52.

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. As a group, analysts forecast that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On MediciNova

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in MediciNova by 111.3% during the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock valued at $339,000 after acquiring an additional 84,963 shares during the period. Jane Street Group LLC boosted its holdings in MediciNova by 64.5% during the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock valued at $49,000 after acquiring an additional 9,121 shares during the period. Barclays PLC boosted its holdings in MediciNova by 15.5% during the fourth 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. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 8,948 shares during the period. Finally, Millennium Management LLC boosted its holdings 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 acquiring an additional 5,470 shares during the period. 9.90% of the stock is currently owned by 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.