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

Research analysts at StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research report issued to clients and investors on Sunday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of MediciNova in a research note on Friday, March 14th.

MediciNova Stock Up 1.3 %

Shares of MNOV opened at $1.53 on Friday. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The company has a market capitalization of $75.04 million, a PE ratio of -6.65 and a beta of 0.73. The stock has a fifty day simple moving average of $1.77 and a two-hundred day simple moving average of $1.89.

MediciNova (NASDAQ:MNOV) last issued its earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). As a group, equities analysts anticipate that MediciNova will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MediciNova

A number of hedge funds have recently modified their holdings of the business. Millennium Management LLC grew its holdings in shares of MediciNova by 26.7% during the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 5,470 shares during the period. Bank of America Corp DE grew its holdings in shares of MediciNova by 111.3% during the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company’s stock worth $339,000 after purchasing an additional 84,963 shares during the period. Jane Street Group LLC grew its holdings in shares of MediciNova by 64.5% during the 4th quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock worth $49,000 after purchasing an additional 9,121 shares during the period. Barclays PLC grew its holdings 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 purchasing an additional 12,800 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of MediciNova by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock worth $1,082,000 after purchasing an additional 8,948 shares during the period. 9.90% of the stock is currently 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.