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

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a research note published on Friday morning. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reissued a “buy” rating and set a $9.00 price objective on shares of MediciNova in a report on Friday, February 21st.

MediciNova Trading Up 1.3 %

Shares of MediciNova stock opened at $1.59 on Friday. The stock has a market capitalization of $77.98 million, a price-to-earnings ratio of -6.91 and a beta of 0.73. MediciNova has a 1-year low of $1.12 and a 1-year high of $2.55. The firm has a fifty day simple moving average of $1.89 and a 200-day simple moving average of $1.88.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position 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 acquiring an additional 84,963 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of MediciNova during the 4th quarter worth approximately $113,000. Geode Capital Management LLC grew its stake in shares of MediciNova by 10.3% in 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 in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of MediciNova in the fourth quarter valued at $78,000. Finally, Jane Street Group LLC acquired a new stake in MediciNova during the 3rd quarter valued at $30,000. 9.90% of the stock is currently owned by institutional investors and hedge funds.

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.