MediciNova (NASDAQ:MNOV) Research Coverage Started at StockNews.com

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

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

MediciNova Trading Down 1.3 %

Shares of NASDAQ MNOV opened at $1.47 on Friday. The company has a 50 day simple moving average of $1.75 and a two-hundred day simple moving average of $1.88. The stock has a market cap of $72.10 million, a price-to-earnings ratio of -6.39 and a beta of 0.73. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55.

MediciNova (NASDAQ:MNOV) last posted 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). Analysts forecast that MediciNova will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in shares of MediciNova by 111.3% during the 4th 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 in the last quarter. SBI Securities Co. Ltd. purchased a new position in MediciNova during the fourth quarter worth approximately $113,000. Geode Capital Management LLC grew its holdings 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 purchasing an additional 47,201 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of MediciNova in the fourth quarter valued at approximately $78,000. Finally, Jane Street Group LLC purchased a new stake in shares of MediciNova in the third quarter valued at approximately $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.