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

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

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

MediciNova Trading Down 3.3 %

Shares of MNOV opened at $1.47 on Friday. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55. The firm has a market capitalization of $72.10 million, a P/E ratio of -6.39 and a beta of 0.75. The firm has a 50-day moving average price of $1.48 and a 200 day moving average price of $1.79.

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

Hedge Funds Weigh In On MediciNova

Several large investors have recently bought and sold shares of MNOV. Millennium Management LLC lifted its holdings 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. Bank of America Corp DE grew its position 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 acquiring an additional 84,963 shares during the last quarter. Jane Street Group LLC grew its position in shares of MediciNova by 64.5% during the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock worth $49,000 after acquiring an additional 9,121 shares during the last quarter. Barclays PLC increased its holdings in shares of MediciNova by 15.5% in the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after acquiring an additional 12,800 shares during the period. Finally, Geode Capital Management LLC raised its position in MediciNova by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock valued at $1,082,000 after purchasing an additional 8,948 shares during the last quarter. Institutional investors and hedge funds own 9.90% of the company’s stock.

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.