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

StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research note issued to investors on Thursday morning. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reiterated a “buy” rating and set a $9.00 target price on shares of MediciNova in a research note on Friday, February 21st.

MediciNova Price Performance

Shares of MediciNova stock opened at $1.64 on Thursday. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55. The firm’s 50-day moving average is $1.93 and its 200 day moving average is $1.86. The stock has a market cap of $80.44 million, a price-to-earnings ratio of -7.13 and a beta of 0.82.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). On average, equities analysts expect that MediciNova will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new stake in shares of MediciNova in the third quarter worth approximately $30,000. Millennium Management LLC boosted its holdings in MediciNova by 26.7% in the fourth 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 last quarter. Y Intercept Hong Kong Ltd bought a new stake in MediciNova in the 4th quarter worth approximately $78,000. SBI Securities Co. Ltd. purchased a new stake in MediciNova during the 4th quarter valued at $113,000. Finally, Barclays PLC lifted its holdings in shares of MediciNova by 15.5% during the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 12,800 shares during the period. 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.