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

Research analysts at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research note issued on Tuesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Friday, March 14th.

MediciNova Trading Up 7.7 %

MNOV stock opened at $1.34 on Tuesday. The company’s 50 day moving average is $1.61 and its two-hundred day moving average is $1.84. MediciNova has a twelve month low of $1.12 and a twelve month high of $2.55. The stock has a market cap of $65.48 million, a P/E ratio of -5.80 and a beta of 0.75.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). On average, equities research analysts predict that MediciNova will post -0.24 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings in shares of MediciNova by 111.3% during the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock worth $339,000 after buying an additional 84,963 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of MediciNova in the 4th quarter valued at approximately $113,000. Geode Capital Management LLC grew its stake in shares of MediciNova by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock valued at $1,063,000 after purchasing an additional 47,201 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of MediciNova in the fourth quarter valued at approximately $78,000. Finally, Jane Street Group LLC purchased a new stake in shares of MediciNova during the third quarter worth approximately $30,000. 9.90% of the stock is currently 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.