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

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

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

MediciNova Trading Down 9.9 %

Shares of MNOV stock opened at $1.78 on Wednesday. The business’s 50-day moving average price is $1.98 and its 200-day moving average price is $1.84. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The firm 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 announced its quarterly earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). On average, sell-side analysts predict that MediciNova will post -0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in shares of MediciNova in the third quarter worth approximately $30,000. Geode Capital Management LLC lifted its stake in MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock valued at $1,063,000 after buying an additional 47,201 shares during the period. Millennium Management LLC lifted its stake in MediciNova by 26.7% in the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock valued at $54,000 after buying an additional 5,470 shares during the period. Bank of America Corp DE lifted its stake 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 buying an additional 84,963 shares during the period. Finally, Barclays PLC lifted its stake 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 buying an additional 12,800 shares during the period. 9.90% of the stock is 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.