MediciNova, Inc. (NASDAQ:MNOV) Short Interest Update

MediciNova, Inc. (NASDAQ:MNOV) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totalling 110,700 shares, a decline of 18.4% from the May 31st total of 135,600 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 34,200 shares, the days-to-cover ratio is currently 3.2 days.

MediciNova Price Performance

NASDAQ MNOV opened at $1.44 on Friday. The firm has a 50 day simple moving average of $1.37 and a 200-day simple moving average of $1.42. MediciNova has a one year low of $1.26 and a one year high of $2.66.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Equities research analysts expect that MediciNova will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in MediciNova stock. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in MediciNova, Inc. (NASDAQ:MNOV) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. 9.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on MediciNova in a report on Monday, June 24th. They set a “hold” rating for the company.

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.