MediciNova (NASDAQ:MNOV) Coverage Initiated by Analysts at StockNews.com

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

Separately, D. Boral Capital reissued a “buy” rating and set a $9.00 target price on shares of MediciNova in a research note on Friday, February 21st.

MediciNova Price Performance

Shares of NASDAQ:MNOV opened at $1.57 on Friday. The firm has a market capitalization of $77.00 million, a PE ratio of -6.83 and a beta of 0.82. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55. The firm’s 50-day moving average is $1.90 and its two-hundred day moving average is $1.87.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MNOV. Bank of America Corp DE raised its holdings in shares of MediciNova by 111.3% in the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock valued at $339,000 after purchasing an additional 84,963 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in MediciNova in the fourth quarter valued at $113,000. Geode Capital Management LLC raised its stake in MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock valued at $1,063,000 after buying an additional 47,201 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in MediciNova during the 4th quarter worth about $78,000. Finally, Jane Street Group LLC acquired a new position in shares of MediciNova during the 3rd quarter worth about $30,000. Hedge funds and other 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.