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

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

Separately, D. Boral Capital restated a “buy” rating and issued a $9.00 price target on shares of MediciNova in a research report on Friday.

MediciNova Stock Up 5.4 %

Shares of MNOV stock opened at $1.55 on Friday. The stock has a market capitalization of $76.02 million, a PE ratio of -6.74 and a beta of 0.73. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The stock’s 50-day moving average price is $1.82 and its 200 day moving average price is $1.89.

MediciNova (NASDAQ:MNOV) last issued its quarterly 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). Analysts expect that MediciNova will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

A number of institutional investors have recently added to or reduced their stakes in MNOV. Jane Street Group LLC purchased a new stake in MediciNova in the 3rd quarter valued at approximately $30,000. Geode Capital Management LLC boosted its stake in shares of MediciNova by 10.3% during the 3rd quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after acquiring an additional 47,201 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of MediciNova during the 4th quarter worth approximately $78,000. SBI Securities Co. Ltd. purchased a new stake in shares of MediciNova during the 4th quarter worth approximately $113,000. Finally, Barclays PLC boosted its stake in shares of MediciNova by 15.5% during the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after acquiring an additional 12,800 shares in the last quarter. Hedge funds and other 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.