StockNews.com Begins Coverage on MediciNova (NASDAQ:MNOV)

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

MediciNova Stock Down 2.9 %

NASDAQ:MNOV opened at $1.34 on Thursday. MediciNova has a 52 week low of $1.26 and a 52 week high of $2.56. The company has a market capitalization of $65.73 million, a P/E ratio of -7.88 and a beta of 0.72. The stock’s fifty day moving average is $1.39 and its two-hundred day moving average is $1.41.

MediciNova (NASDAQ:MNOV) last posted its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Sell-side analysts anticipate that MediciNova will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. Institutional investors and hedge funds 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.