MediciNova (NASDAQ:MNOV) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research report sent to investors on Saturday. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Friday.

MediciNova Stock Down 0.3 %

Shares of MNOV stock opened at $1.55 on Friday. The business has a 50-day moving average price of $1.81 and a two-hundred day moving average price of $1.89. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55. The firm has a market cap of $75.78 million, a P/E ratio of -6.72 and a beta of 0.73.

MediciNova (NASDAQ:MNOV) last released its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). As a group, research analysts expect that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On MediciNova

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC purchased a new position in MediciNova in the 3rd quarter worth approximately $30,000. Millennium Management LLC grew its holdings in shares of MediciNova by 26.7% in the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 5,470 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of MediciNova in the fourth quarter worth $78,000. SBI Securities Co. Ltd. bought a new stake in MediciNova during the 4th quarter valued at $113,000. Finally, Barclays PLC boosted its position in MediciNova by 15.5% during the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 12,800 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.