MediciNova, Inc. (NASDAQ:MNOV) Short Interest Up 99.9% in June

MediciNova, Inc. (NASDAQ:MNOV) saw a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 204,812 shares, a growth of 99.9% from the June 15th total of 102,466 shares. Currently, 0.5% of the company’s shares are sold short. Based on an average trading volume of 69,545 shares, the days-to-cover ratio is currently 2.9 days.

Institutional Trading of MediciNova

Hedge funds have recently modified their holdings of the company. StoneX Group Inc. purchased a new position in shares of MediciNova in the 4th quarter worth approximately $25,000. Goldman Sachs Group Inc. acquired a new stake in MediciNova in the fourth quarter valued at approximately $35,000. Citadel Advisors LLC purchased a new position in MediciNova in the third quarter worth $92,000. Jane Street Group LLC purchased a new position in MediciNova in the fourth quarter worth $214,000. Finally, State Street Corp increased its position in shares of MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after purchasing an additional 19,100 shares in the last quarter. 9.90% of the stock is owned by hedge funds and other institutional investors.

MediciNova Stock Down 4.9%

MediciNova stock opened at $1.35 on Friday. The firm has a market cap of $66.45 million, a P/E ratio of -5.87 and a beta of 0.62. The business has a fifty day moving average of $1.35 and a two-hundred day moving average of $1.44. MediciNova has a twelve month low of $1.17 and a twelve month high of $1.96.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%.The firm had revenue of $0.19 million during the quarter, compared to analyst estimates of $0.19 million. Equities analysts expect that MediciNova will post -0.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MNOV. D. Boral Capital reiterated a “buy” rating and set a $9.00 target price on shares of MediciNova in a research report on Monday, May 4th. Maxim Group reaffirmed a “buy” rating and issued a $6.00 price target on shares of MediciNova in a research note on Monday, March 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, MediciNova currently has a consensus rating of “Moderate Buy” and an average target price of $8.33.

About MediciNova

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.