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

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

MediciNova Trading Down 2.8 %

Shares of NASDAQ:MNOV opened at $1.40 on Tuesday. The company has a 50 day moving average of $1.37 and a 200 day moving average of $1.41. The stock has a market cap of $68.67 million, a P/E ratio of -8.24 and a beta of 0.72. MediciNova has a 12 month low of $1.26 and a 12 month high of $2.66.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). On average, equities analysts forecast that MediciNova will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

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