MediciNova (NASDAQ:MNOV) Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of MediciNova (NASDAQ:MNOV) from a sell rating to a strong sell rating in a research note published on Saturday morning, BidAskClub reports.

Separately, ValuEngine raised shares of MediciNova from a hold rating to a buy rating in a research report on Wednesday, October 2nd.

Shares of MNOV traded up $0.14 during trading hours on Friday, hitting $6.97. The company had a trading volume of 79,446 shares, compared to its average volume of 106,727. The business has a fifty day moving average of $7.12 and a 200-day moving average of $8.10. MediciNova has a 12 month low of $6.36 and a 12 month high of $13.37.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings results on Friday, October 25th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. Analysts predict that MediciNova will post -0.34 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in MNOV. BlackRock Inc. increased its position in shares of MediciNova by 11.6% during the second quarter. BlackRock Inc. now owns 3,135,311 shares of the biopharmaceutical company’s stock valued at $30,194,000 after buying an additional 326,947 shares during the period. D. E. Shaw & Co. Inc. increased its position in shares of MediciNova by 31.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 397,226 shares of the biopharmaceutical company’s stock valued at $3,805,000 after buying an additional 95,146 shares during the period. State Street Corp increased its position in shares of MediciNova by 6.5% during the third quarter. State Street Corp now owns 740,656 shares of the biopharmaceutical company’s stock valued at $5,892,000 after buying an additional 45,126 shares during the period. Citadel Advisors LLC bought a new stake in shares of MediciNova during the second quarter valued at about $364,000. Finally, Jane Street Group LLC bought a new stake in shares of MediciNova during the second quarter valued at about $212,000. Hedge funds and other institutional investors own 22.26% 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. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological 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.

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