D. Boral Capital Reiterates Buy Rating for MediciNova (NASDAQ:MNOV)

D. Boral Capital reaffirmed their buy rating on shares of MediciNova (NASDAQ:MNOV) in a research note published on Wednesday morning,Benzinga reports. They currently have a $9.00 price target on the biopharmaceutical company’s stock.

Separately, StockNews.com began coverage on shares of MediciNova in a research report on Tuesday. They issued a “hold” rating on the stock.

MediciNova Trading Down 2.2 %

NASDAQ:MNOV traded down $0.03 during mid-day trading on Wednesday, reaching $1.29. 1,709 shares of the stock were exchanged, compared to its average volume of 38,980. MediciNova has a 1-year low of $1.12 and a 1-year high of $2.55. The firm has a market capitalization of $63.02 million, a PE ratio of -5.59 and a beta of 0.75. The business has a fifty day moving average price of $1.61 and a 200 day moving average price of $1.84.

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). On average, sell-side analysts forecast that MediciNova will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On MediciNova

Several hedge funds have recently bought and sold shares of MNOV. Bank of America Corp DE increased its holdings in shares of MediciNova by 111.3% in the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock valued at $339,000 after purchasing an additional 84,963 shares during the period. SBI Securities Co. Ltd. acquired a new position in MediciNova in the 4th quarter valued at approximately $113,000. Geode Capital Management LLC lifted its position in MediciNova by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after buying an additional 47,201 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of MediciNova during the 4th quarter valued at $78,000. Finally, Jane Street Group LLC purchased a new position in shares of MediciNova during the 3rd quarter valued at $30,000. 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.