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

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

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

MediciNova Stock Performance

MNOV opened at $1.55 on Friday. The stock has a market capitalization of $75.78 million, a PE ratio of -6.72 and a beta of 0.73. The stock’s 50 day moving average price is $1.81 and its 200-day moving average price is $1.89. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55.

MediciNova (NASDAQ:MNOV) last released its quarterly 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). Research analysts forecast that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On MediciNova

Institutional investors have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in MediciNova in the 3rd quarter worth about $30,000. Geode Capital Management LLC increased its stake in 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 purchasing an additional 47,201 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in MediciNova in the fourth quarter worth about $78,000. SBI Securities Co. Ltd. bought a new position in shares of MediciNova in the fourth quarter worth approximately $113,000. Finally, Barclays PLC grew its holdings in shares of MediciNova by 15.5% during 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. 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.