MediciNova (NASDAQ:MNOV) Coverage Initiated at StockNews.com

Analysts at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a report issued on Thursday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of MediciNova in a research note on Friday, February 21st.

MediciNova Price Performance

Shares of MediciNova stock opened at $1.64 on Thursday. The business’s 50 day simple moving average is $1.93 and its two-hundred day simple moving average is $1.86. The stock has a market capitalization of $80.44 million, a P/E ratio of -7.13 and a beta of 0.82. MediciNova has a one year low of $1.12 and a one year high of $2.55.

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

Hedge Funds Weigh In On MediciNova

Several hedge funds have recently made changes to their positions in MNOV. Jane Street Group LLC purchased a new position in shares of MediciNova during the third quarter valued at approximately $30,000. Geode Capital Management LLC increased its stake in shares of MediciNova by 10.3% during the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock valued at $1,063,000 after buying an additional 47,201 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of MediciNova during the fourth quarter valued at approximately $78,000. SBI Securities Co. Ltd. purchased a new position in shares of MediciNova during the fourth quarter valued at approximately $113,000. Finally, Barclays PLC increased its stake in shares of MediciNova by 15.5% during the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 12,800 shares during the period. 9.90% of the stock is owned by hedge funds and other institutional investors.

About MediciNova

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.