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

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

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $9.00 target price on shares of MediciNova in a research note on Friday, March 14th.

MediciNova Stock Down 2.6 %

Shares of MediciNova stock opened at $1.49 on Friday. MediciNova has a twelve month low of $1.12 and a twelve month high of $2.55. The business has a 50-day moving average price of $1.76 and a 200-day moving average price of $1.89. The firm has a market cap of $73.08 million, a price-to-earnings ratio of -6.48 and a beta of 0.73.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). On average, equities analysts expect that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Trading of MediciNova

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in MediciNova by 26.7% in the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after buying an additional 5,470 shares during the period. Bank of America Corp DE increased its position in shares of MediciNova by 111.3% during the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock worth $339,000 after acquiring an additional 84,963 shares during the period. Jane Street Group LLC raised its stake in shares of MediciNova by 64.5% during the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock valued at $49,000 after acquiring an additional 9,121 shares in the last quarter. Barclays PLC raised its stake 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 acquiring an additional 12,800 shares in the last quarter. Finally, Geode Capital Management LLC boosted 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 purchasing an additional 8,948 shares during the period. 9.90% of the stock is owned by hedge funds and other institutional investors.

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.