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

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

Separately, D. Boral Capital reiterated a “buy” rating and issued a $9.00 price target on shares of MediciNova in a report on Friday, February 21st.

MediciNova Price Performance

MNOV stock opened at $1.68 on Thursday. The company has a fifty day moving average price of $1.95 and a 200 day moving average price of $1.86. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The company has a market cap of $82.40 million, a price-to-earnings ratio of -7.30 and a beta of 0.82.

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

Institutional Investors Weigh In On MediciNova

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of MediciNova by 111.3% in the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock worth $339,000 after acquiring an additional 84,963 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of MediciNova in the fourth quarter worth approximately $113,000. Geode Capital Management LLC boosted its position in shares of MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after acquiring an additional 47,201 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of MediciNova in the fourth quarter worth approximately $78,000. Finally, Jane Street Group LLC acquired a new stake in shares of MediciNova in the third quarter worth approximately $30,000. 9.90% of the stock is owned by institutional investors and hedge funds.

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.