MediciNova, Inc. (NASDAQ:MNOV) Short Interest Update

MediciNova, Inc. (NASDAQ:MNOV) was the target of a large decline in short interest in June. As of June 15th, there was short interest totaling 102,466 shares, a decline of 40.7% from the May 31st total of 172,764 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average daily volume of 38,387 shares, the short-interest ratio is presently 2.7 days.

MediciNova Price Performance

NASDAQ MNOV remained flat at $1.43 on Friday. The company’s stock had a trading volume of 27,464 shares, compared to its average volume of 73,020. MediciNova has a 52-week low of $1.17 and a 52-week high of $1.96. The firm’s 50-day moving average is $1.35 and its 200-day moving average is $1.43. The firm has a market capitalization of $70.38 million, a price-to-earnings ratio of -6.22 and a beta of 0.62.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 27.28%. The company had revenue of $0.19 million for the quarter, compared to analyst estimates of $0.19 million. As a group, analysts forecast that MediciNova will post -0.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MNOV has been the subject of a number of research analyst reports. HC Wainwright began coverage on shares of MediciNova in a research report on Monday, March 16th. They set a “buy” rating and a $10.00 target price for the company. Zacks Research raised shares of MediciNova to a “hold” rating in a research report on Tuesday, March 17th. D. Boral Capital reissued a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research report on Monday, May 4th. Maxim Group reissued a “buy” rating and issued a $6.00 target price on shares of MediciNova in a research note on Monday, March 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, MediciNova has an average rating of “Moderate Buy” and a consensus price target of $8.33.

Institutional Investors Weigh In On MediciNova

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in MediciNova in the 4th quarter valued at about $214,000. StoneX Group Inc. acquired a new stake in shares of MediciNova during the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. purchased a new stake in shares of MediciNova during the fourth quarter worth about $35,000. Citadel Advisors LLC purchased a new stake in shares of MediciNova during the third quarter worth about $92,000. Finally, State Street Corp lifted its stake in shares of MediciNova by 10.9% in the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 19,100 shares in the last quarter. Hedge funds and other institutional investors own 9.90% of the company’s stock.

About MediciNova

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel small-molecule therapeutics for neurodegenerative, inflammatory, fibrotic and oncological diseases. Founded in the late 1990s, the company advances its proprietary compounds through clinical trials and strategic partnerships, with a goal of addressing areas of high unmet medical need. MediciNova is headquartered in San Diego, California, and maintains a presence in Tokyo to support collaborations and regulatory interactions in Asian markets.

The company’s leading clinical asset, MN-166 (ibudilast), is an anti-inflammatory and neuroprotective agent originally approved in Japan for asthma and post-stroke dizziness.