MediciNova (NASDAQ:MNOV) Research Coverage Started at StockNews.com

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

Separately, D. Boral Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a report on Wednesday, April 9th.

MediciNova Stock Performance

NASDAQ:MNOV opened at $1.56 on Thursday. MediciNova has a fifty-two week low of $1.12 and a fifty-two week high of $2.55. The firm has a market cap of $76.51 million, a PE ratio of -6.78 and a beta of 0.75. The business has a 50 day moving average price of $1.50 and a 200-day moving average price of $1.79.

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

Institutional Investors Weigh In On MediciNova

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its stake in shares of MediciNova by 111.3% in the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock valued at $339,000 after purchasing an additional 84,963 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of MediciNova in the 4th quarter worth approximately $113,000. Geode Capital Management LLC grew its stake in shares of MediciNova by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after buying an additional 47,201 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in MediciNova during the 4th quarter valued at approximately $78,000. Finally, Jane Street Group LLC purchased a new position in MediciNova during the third quarter valued at $30,000. 9.90% of the stock is owned by hedge funds and other 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.