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

Research analysts at StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research report issued on Wednesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital started coverage on MediciNova in a research report on Monday, December 2nd. They issued a “buy” rating and a $9.00 price target on the stock.

MediciNova Price Performance

Shares of MediciNova stock opened at $1.78 on Wednesday. The business has a fifty day simple moving average of $1.98 and a two-hundred day simple moving average of $1.84. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55. The company has a market capitalization of $87.06 million, a price-to-earnings ratio of -8.45 and a beta of 0.82.

MediciNova (NASDAQ:MNOV) last posted 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, equities analysts anticipate that MediciNova will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in shares of 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 during the period. Bank of America Corp DE grew its position in MediciNova by 111.3% in the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock valued at $339,000 after acquiring an additional 84,963 shares during the last quarter. Barclays PLC grew its position in MediciNova by 15.5% in the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after acquiring an additional 12,800 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in MediciNova in the fourth quarter valued at about $113,000. Finally, Y Intercept Hong Kong Ltd bought a new position in MediciNova in the fourth quarter valued at about $78,000. 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.