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

Analysts at StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a note issued to investors on Saturday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reissued a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research report on Friday.

MediciNova Stock Up 5.4 %

Shares of MediciNova stock opened at $1.55 on Friday. The firm has a market cap of $76.02 million, a PE ratio of -6.74 and a beta of 0.73. The business’s fifty day moving average is $1.82 and its two-hundred day moving average is $1.89. MediciNova has a fifty-two week low of $1.12 and a fifty-two week high of $2.55.

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 the consensus estimate of ($0.06). Equities research analysts anticipate that MediciNova will post -0.24 EPS for the current year.

Institutional Trading of MediciNova

Several large investors have recently modified their holdings of MNOV. Millennium Management LLC grew its stake in MediciNova by 26.7% in the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 5,470 shares in the last quarter. Geode Capital Management LLC grew its stake in MediciNova by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock worth $1,082,000 after purchasing an additional 8,948 shares in the last quarter. Jane Street Group LLC grew its stake in MediciNova by 64.5% in the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 9,121 shares in the last quarter. Barclays PLC grew its stake in MediciNova by 15.5% in the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after purchasing an additional 12,800 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in MediciNova in the fourth quarter worth about $78,000. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.