MediciNova (NASDAQ:MNOV) Coverage Initiated by Analysts at StockNews.com

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

MediciNova Stock Up 0.6 %

Shares of NASDAQ:MNOV opened at $1.57 on Friday. MediciNova has a 12-month low of $1.26 and a 12-month high of $2.66. The firm has a market cap of $77.01 million, a P/E ratio of -9.23 and a beta of 0.75. The business has a fifty day simple moving average of $1.40 and a 200 day simple moving average of $1.62.

MediciNova (NASDAQ:MNOV) last announced its earnings results on Thursday, February 15th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. As a group, equities research analysts expect that MediciNova will post -0.23 EPS for the current year.

Institutional Investors Weigh In On MediciNova

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in MediciNova by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 308,276 shares of the biopharmaceutical company’s stock worth $823,000 after buying an additional 7,110 shares during the last quarter. Renaissance Technologies LLC grew its position in MediciNova by 5.2% in the 1st quarter. Renaissance Technologies LLC now owns 149,700 shares of the biopharmaceutical company’s stock worth $400,000 after purchasing an additional 7,400 shares in the last quarter. State Street Corp increased its stake in MediciNova by 7.1% in the 1st quarter. State Street Corp now owns 142,298 shares of the biopharmaceutical company’s stock valued at $380,000 after buying an additional 9,449 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of MediciNova by 62.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 75,005 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 28,906 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings 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 worth $363,000 after acquiring an additional 22,508 shares during the period. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.