MediciNova’s (MNOV) Buy Rating Reaffirmed at D. Boral Capital

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reaffirmed by investment analysts at D. Boral Capital in a research note issued on Friday,Benzinga reports. They presently have a $9.00 price target on the biopharmaceutical company’s stock. D. Boral Capital’s target price would indicate a potential upside of 407.04% from the company’s previous close.

Separately, StockNews.com started coverage on shares of MediciNova in a research note on Wednesday. They issued a “hold” rating for the company.

MediciNova Stock Performance

Shares of NASDAQ:MNOV opened at $1.78 on Friday. The firm has a fifty day moving average price of $1.98 and a 200 day moving average price of $1.84. MediciNova has a fifty-two week low of $1.12 and a fifty-two week high of $2.55. The firm has a market cap of $87.06 million, a price-to-earnings ratio of -7.72 and a beta of 0.82.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). As a group, research analysts predict that MediciNova will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On MediciNova

A number of institutional investors and hedge funds have recently made changes to their positions in MNOV. Jane Street Group LLC purchased a new position in shares of MediciNova in the 3rd quarter worth $30,000. Millennium Management LLC lifted its holdings in shares of 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 acquiring an additional 5,470 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of MediciNova in the 4th quarter worth about $78,000. SBI Securities Co. Ltd. bought a new stake in shares of MediciNova in the 4th quarter worth about $113,000. Finally, Barclays PLC lifted its holdings in shares of MediciNova by 15.5% in the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after acquiring 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.