B. Riley Lowers MediciNova (NASDAQ:MNOV) Price Target to $5.00

MediciNova (NASDAQ:MNOV - Get Free Report) had its target price decreased by equities researchers at B. Riley from $6.00 to $5.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. B. Riley's target price points to a potential upside of 281.68% from the stock's current price.

Several other research firms have also recently commented on MNOV. D. Boral Capital restated a "buy" rating and issued a $9.00 price target on shares of MediciNova in a report on Wednesday, April 9th. Wall Street Zen started coverage on shares of MediciNova in a report on Sunday, May 18th. They issued a "hold" rating for the company.

MediciNova Stock Performance

NASDAQ MNOV traded down $0.02 during mid-day trading on Monday, reaching $1.31. 4,738 shares of the stock were exchanged, compared to its average volume of 37,607. The stock has a market capitalization of $64.25 million, a PE ratio of -5.70 and a beta of 0.42. MediciNova has a 1-year low of $1.12 and a 1-year high of $2.55. The business's fifty day simple moving average is $1.43 and its 200 day simple moving average is $1.70.

MediciNova (NASDAQ:MNOV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. On average, analysts anticipate that MediciNova will post -0.24 EPS for the current year.

Institutional Investors Weigh In On MediciNova

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in MediciNova by 111.3% during the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company's stock worth $339,000 after buying an additional 84,963 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of MediciNova during the 4th quarter valued at $113,000. Y Intercept Hong Kong Ltd purchased a new stake in MediciNova during the 4th quarter worth $78,000. Barclays PLC boosted its position in 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, Jane Street Group LLC increased its holdings in MediciNova by 64.5% in the 4th quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company's stock valued at $49,000 after purchasing an additional 9,121 shares in the last quarter. 9.90% of the stock is currently owned by institutional investors and hedge funds.

MediciNova Company Profile

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.

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