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

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

Separately, D. Boral Capital reissued a “buy” rating and issued a $9.00 price target on shares of MediciNova in a report on Friday.

MediciNova Trading Up 5.4 %

MNOV opened at $1.55 on Friday. The company has a 50 day moving average of $1.82 and a 200 day moving average of $1.88. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The company has a market cap of $76.02 million, a PE ratio of -6.74 and a beta of 0.73.

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

Institutional Trading of MediciNova

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new stake in shares of MediciNova during the 3rd quarter valued at $30,000. Geode Capital Management LLC raised its position in shares of MediciNova by 10.3% during the 3rd 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 shares of MediciNova during the 4th quarter valued at $78,000. SBI Securities Co. Ltd. purchased a new stake in shares of MediciNova during the 4th quarter valued at $113,000. Finally, Millennium Management LLC raised its position in shares of MediciNova by 26.7% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 9.90% of the company’s stock.

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.