Short Interest in MediciNova, Inc. (NASDAQ:MNOV) Declines By 39.3%

MediciNova, Inc. (NASDAQ:MNOV) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totaling 282,769 shares, a decline of 39.3% from the November 30th total of 465,791 shares. Currently, 0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 72,065 shares, the days-to-cover ratio is currently 3.9 days. Based on an average daily trading volume, of 72,065 shares, the days-to-cover ratio is currently 3.9 days. Currently, 0.7% of the company’s stock are sold short.

Institutional Investors Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Citadel Advisors LLC acquired a new position in MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned about 0.15% of MediciNova at the end of the most recent reporting period. 9.90% of the stock is owned by institutional investors and hedge funds.

MediciNova Trading Up 0.8%

NASDAQ:MNOV traded up $0.01 during midday trading on Tuesday, hitting $1.29. 65,050 shares of the stock were exchanged, compared to its average volume of 77,904. The company has a market capitalization of $63.40 million, a price-to-earnings ratio of -5.16 and a beta of 0.48. MediciNova has a one year low of $1.13 and a one year high of $2.20. The business has a 50-day moving average price of $1.42 and a two-hundred day moving average price of $1.33.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.12 million for the quarter. Sell-side analysts forecast that MediciNova will post -0.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MNOV shares. D. Boral Capital reaffirmed a “buy” rating and set a $9.00 target price on shares of MediciNova in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a research report on Monday. Finally, Zacks Research upgraded shares of MediciNova to a “hold” rating in a research report on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, MediciNova has a consensus rating of “Moderate Buy” and an average target price of $7.00.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel small-molecule therapeutics for neurodegenerative, inflammatory, fibrotic and oncological diseases. Founded in the late 1990s, the company advances its proprietary compounds through clinical trials and strategic partnerships, with a goal of addressing areas of high unmet medical need. MediciNova is headquartered in San Diego, California, and maintains a presence in Tokyo to support collaborations and regulatory interactions in Asian markets.

The company’s leading clinical asset, MN-166 (ibudilast), is an anti-inflammatory and neuroprotective agent originally approved in Japan for asthma and post-stroke dizziness.