D. Boral Capital Reiterates Buy Rating for MediciNova (NASDAQ:MNOV)

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reiterated by D. Boral Capital in a report released on Friday,Benzinga reports. They presently have a $9.00 target price on the biopharmaceutical company’s stock. D. Boral Capital’s price objective would suggest a potential upside of 391.80% from the stock’s previous close.

Separately, StockNews.com began coverage on shares of MediciNova in a research note on Wednesday. They issued a “hold” rating for the company.

MediciNova Stock Performance

MNOV stock opened at $1.83 on Friday. MediciNova has a one year low of $1.12 and a one year high of $2.55. The firm’s 50 day moving average price is $1.98 and its 200-day moving average price is $1.84. The firm has a market cap of $89.75 million, a PE ratio of -7.96 and a beta of 0.82.

MediciNova (NASDAQ:MNOV) last posted its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). Equities research analysts predict that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On MediciNova

A number of institutional investors and hedge funds have recently bought and sold shares of MNOV. Millennium Management LLC raised 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 valued at $54,000 after buying an additional 5,470 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of MediciNova by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock valued at $1,082,000 after buying an additional 8,948 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of MediciNova by 64.5% in the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock valued at $49,000 after buying an additional 9,121 shares during the last quarter. Barclays PLC raised its holdings in shares of MediciNova by 15.5% in the fourth 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 last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of MediciNova in the fourth quarter valued at about $78,000. 9.90% of the stock is owned by hedge funds and other institutional investors.

About MediciNova

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.