MediciNova (NASDAQ:MNOV) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research note published on Thursday. The firm issued a hold rating on the biopharmaceutical company’s stock.

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

MediciNova Stock Up 1.3 %

Shares of NASDAQ MNOV opened at $1.56 on Thursday. The firm’s 50-day moving average price is $1.50 and its 200-day moving average price is $1.79. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The company has a market cap of $76.51 million, a PE ratio of -6.78 and a beta of 0.75.

MediciNova (NASDAQ:MNOV) last announced its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). As a group, equities research analysts anticipate that MediciNova will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On MediciNova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in shares of MediciNova during the 3rd quarter valued at about $30,000. Millennium Management LLC lifted its stake in shares of MediciNova by 26.7% in the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 5,470 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of MediciNova in the 4th quarter worth approximately $78,000. SBI Securities Co. Ltd. bought a new position in shares of MediciNova during the 4th quarter valued at approximately $113,000. Finally, Barclays PLC raised its holdings in MediciNova by 15.5% during the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 12,800 shares during the period. 9.90% of the stock is owned by 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.