MediciNova (NASDAQ:MNOV) Receives Buy Rating from D. Boral Capital

D. Boral Capital reissued their buy rating on shares of MediciNova (NASDAQ:MNOV) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $9.00 target price on the biopharmaceutical company’s stock.

MNOV has been the topic of a number of other reports. B. Riley raised MediciNova from a “buy” rating to a “strong-buy” rating and cut their target price for the stock from $6.00 to $5.00 in a research note on Monday, June 16th. Wall Street Zen started coverage on shares of MediciNova in a research report on Sunday, May 18th. They set a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and a consensus target price of $7.00.

MediciNova Stock Performance

MNOV stock opened at $1.34 on Wednesday. The firm has a 50 day moving average price of $1.31 and a 200-day moving average price of $1.43. MediciNova has a 52-week low of $1.13 and a 52-week high of $2.55. The firm has a market capitalization of $66.70 million, a price-to-earnings ratio of -5.36 and a beta of 0.35.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $0.14 million during the quarter. As a group, sell-side analysts forecast that MediciNova will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNOV. Millennium Management LLC grew its position in MediciNova by 26.7% in the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 5,470 shares during the period. Bank of America Corp DE boosted its stake in shares of MediciNova by 111.3% in the 4th 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. Jane Street Group LLC grew its holdings in shares of MediciNova by 64.5% in 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 period. Barclays PLC increased its position in MediciNova by 15.5% during the fourth 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 last quarter. Finally, Geode Capital Management LLC lifted its holdings in MediciNova by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock valued at $1,082,000 after acquiring an additional 8,948 shares during the period. Hedge funds and other 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.