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

Equities research analysts at StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a report issued on Sunday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

Shares of NASDAQ MNOV opened at $1.39 on Friday. The firm’s 50 day moving average price is $1.40 and its 200-day moving average price is $1.59. The company has a market cap of $68.18 million, a PE ratio of -8.18 and a beta of 0.75. MediciNova has a 52-week low of $1.26 and a 52-week high of $2.66.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Thursday, February 15th. The biopharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.04. On average, analysts forecast that MediciNova will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of MediciNova by 2.3% in the second quarter. BlackRock Inc. now owns 731,369 shares of the biopharmaceutical company’s stock worth $1,682,000 after buying an additional 16,488 shares in the last quarter. Geode Capital Management LLC lifted its position in MediciNova by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 437,247 shares of the biopharmaceutical company’s stock valued at $896,000 after purchasing an additional 4,374 shares during the period. JPMorgan Chase & Co. lifted its position in MediciNova by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 308,276 shares of the biopharmaceutical company’s stock valued at $823,000 after purchasing an additional 7,110 shares during the period. Jane Street Group LLC bought a new position in MediciNova during the fourth quarter valued at approximately $549,000. Finally, Bank of America Corp DE lifted its position in MediciNova by 14.5% during the fourth quarter. Bank of America Corp DE now owns 177,259 shares of the biopharmaceutical company’s stock valued at $363,000 after purchasing an additional 22,508 shares during the period. Institutional investors own 9.90% of the company’s stock.

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.