MediciNova’s (MNOV) Buy Rating Reaffirmed at D. Boral Capital

MediciNova (NASDAQ:MNOV)‘s stock had its “buy” rating reissued by analysts at D. Boral Capital in a report issued on Friday,Benzinga reports. They presently have a $9.00 target price on the biopharmaceutical company’s stock. D. Boral Capital’s price objective would suggest a potential upside of 407.04% from the stock’s previous close.

Separately, StockNews.com assumed coverage on shares of MediciNova in a research report on Wednesday. They set a “hold” rating for the company.

MediciNova Trading Down 9.9 %

Shares of NASDAQ MNOV opened at $1.78 on Friday. The firm has a 50 day moving average of $1.98 and a 200 day moving average of $1.84. The firm has a market capitalization of $87.06 million, a price-to-earnings ratio of -7.72 and a beta of 0.82. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55.

MediciNova (NASDAQ:MNOV) last announced its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Sell-side analysts predict that MediciNova will post -0.24 EPS for the current year.

Hedge Funds Weigh In On MediciNova

Hedge funds have recently modified their holdings of the company. Jane Street Group LLC bought a new position in shares of MediciNova in the third quarter worth approximately $30,000. Millennium Management LLC boosted its position in shares of 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 period. Y Intercept Hong Kong Ltd bought a new position in shares of MediciNova in the fourth quarter worth approximately $78,000. SBI Securities Co. Ltd. bought a new position in shares of MediciNova during the fourth quarter worth $113,000. Finally, Barclays PLC boosted its position in shares of MediciNova by 15.5% during the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after acquiring an additional 12,800 shares during the last quarter. 9.90% of the stock is currently owned by institutional investors.

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.