MediciNova (NASDAQ:MNOV) Upgraded at Zacks Research

Zacks Research upgraded shares of MediciNova (NASDAQ:MNOV) to a hold rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other research analysts have also issued reports on MNOV. D. Boral Capital reiterated a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research note on Wednesday, August 27th. B. Riley upgraded shares of MediciNova from a “buy” rating to a “strong-buy” rating and decreased their price target for the stock from $6.00 to $5.00 in a research report on Monday, June 16th. Finally, Wall Street Zen began coverage on shares of MediciNova in a research report on Sunday, May 18th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $7.00.

MediciNova Trading Down 1.6%

NASDAQ:MNOV opened at $1.23 on Thursday. MediciNova has a 1 year low of $1.13 and a 1 year high of $2.55. The firm’s fifty day simple moving average is $1.30 and its 200 day simple moving average is $1.38.

MediciNova (NASDAQ:MNOV) last posted its earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). The firm had revenue of $0.14 million during the quarter. As a group, equities research analysts predict that MediciNova will post -0.24 earnings per share for the current year.

Institutional Trading of MediciNova

Several institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in shares of MediciNova by 111.3% during the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock valued at $339,000 after acquiring an additional 84,963 shares in the last quarter. Millennium Management LLC lifted its holdings in MediciNova by 26.7% during 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. Finally, Jane Street Group LLC lifted its holdings in MediciNova by 64.5% during the 4th quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock valued at $49,000 after purchasing an additional 9,121 shares during the last quarter. 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.