MediciNova, Inc. (NASDAQ:MNOV) Sees Large Decline in Short Interest

MediciNova, Inc. (NASDAQ:MNOV) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totaling 282,769 shares, a decline of 39.3% from the November 30th total of 465,791 shares. Based on an average daily volume of 72,065 shares, the days-to-cover ratio is currently 3.9 days. Approximately 0.7% of the shares of the stock are sold short. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily volume of 72,065 shares, the days-to-cover ratio is currently 3.9 days.

Analyst Upgrades and Downgrades

MNOV has been the topic of several recent analyst reports. Zacks Research upgraded shares of MediciNova to a “hold” rating in a research report on Thursday, September 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a report on Monday, December 22nd. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, MediciNova has an average rating of “Moderate Buy” and a consensus target price of $7.00.

MediciNova Stock Performance

MediciNova stock traded down $0.01 during mid-day trading on Friday, hitting $1.27. The company’s stock had a trading volume of 182,230 shares, compared to its average volume of 70,648. MediciNova has a one year low of $1.13 and a one year high of $2.20. The company has a 50 day moving average of $1.42 and a 200-day moving average of $1.33. The stock has a market cap of $62.42 million, a PE ratio of -5.08 and a beta of 0.48.

MediciNova (NASDAQ:MNOV) last released its quarterly earnings data on Wednesday, November 12th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $0.12 million during the quarter. On average, equities research analysts forecast that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Trading of MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Citadel Advisors LLC acquired a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 72,897 shares of the biopharmaceutical company’s stock, valued at approximately $92,000. Citadel Advisors LLC owned 0.15% of MediciNova at the end of the most recent reporting period. Institutional investors own 9.90% of the company’s stock.

MediciNova Company Profile

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.