MediciNova, Inc. (NASDAQ:MNOV) Sees Significant Increase in Short Interest

MediciNova, Inc. (NASDAQ:MNOV) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 204,812 shares, an increase of 99.9% from the June 15th total of 102,466 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average trading volume of 69,545 shares, the days-to-cover ratio is presently 2.9 days.

MediciNova Stock Down 4.9%

Shares of MNOV stock traded down $0.07 during trading on Friday, reaching $1.35. 139,137 shares of the company’s stock were exchanged, compared to its average volume of 57,001. The stock has a market capitalization of $66.45 million, a PE ratio of -5.87 and a beta of 0.62. MediciNova has a twelve month low of $1.17 and a twelve month high of $1.96. The firm’s fifty day moving average price is $1.35 and its 200-day moving average price is $1.44.

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

Institutional Trading of MediciNova

Hedge funds have recently modified their holdings of the stock. StoneX Group Inc. bought a new stake in shares of MediciNova during the 4th quarter worth about $25,000. Goldman Sachs Group Inc. bought a new position in MediciNova in the 4th quarter valued at about $35,000. Citadel Advisors LLC bought a new position in MediciNova in the 3rd quarter valued at about $92,000. Jane Street Group LLC bought a new position in MediciNova in the 4th quarter valued at about $214,000. Finally, State Street Corp lifted its position in MediciNova by 10.9% during 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 during the last quarter. Institutional investors and hedge funds own 9.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research note on Wednesday, June 24th. Maxim Group reaffirmed a “buy” rating and issued a $6.00 target price on shares of MediciNova in a report on Monday, March 23rd. Finally, D. Boral Capital reiterated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.33.

MediciNova Company Profile

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.