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

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

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $9.00 target price on shares of MediciNova in a report on Wednesday, April 9th.

MediciNova Price Performance

Shares of NASDAQ:MNOV opened at $1.45 on Wednesday. The business has a 50-day moving average price of $1.55 and a 200-day moving average price of $1.81. The stock has a market cap of $71.12 million, a price-to-earnings ratio of -6.30 and a beta of 0.75. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). As a group, equities analysts anticipate that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On MediciNova

A number of institutional investors have recently modified their holdings of MNOV. Jane Street Group LLC purchased a new position in MediciNova during the third quarter worth approximately $30,000. Millennium Management LLC increased its holdings in 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 in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in MediciNova during the fourth quarter worth $78,000. SBI Securities Co. Ltd. acquired a new position in MediciNova during the fourth quarter worth $113,000. Finally, Barclays PLC grew its position in shares of 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 purchasing an additional 12,800 shares during the period. 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.