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

Key Points

• Short interest fell 16.4% to 168,023 shares as of April 15, representing roughly 0.4% of the stock and a days-to-cover ratio of about 4.8 based on average volume.
• Institutional activity shows recent additions and increases (e.g., State Street up 10.9%), and analysts have a consensus rating of "Moderate Buy" with an average target of $7.50 versus the current price near $1.40 and a market cap around $68.7 million.

MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totaling 168,023 shares, a decline of 16.4% from the March 31st total of 201,034 shares. Approximately 0.4% of the company's stock are short sold. Based on an average trading volume of 35,121 shares, the days-to-cover ratio is currently 4.8 days.

Institutional Trading of MediciNova

Several large investors have recently made changes to their positions in MNOV. State Street Corp lifted its position in MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company's stock valued at $254,000 after purchasing an additional 19,100 shares during the period. Jane Street Group LLC acquired a new position in shares of MediciNova in the 4th quarter valued at about $214,000. Citadel Advisors LLC purchased a new stake in shares of MediciNova in the third quarter worth about $92,000. Goldman Sachs Group Inc. acquired a new stake in MediciNova during the fourth quarter worth about $35,000. Finally, StoneX Group Inc. acquired a new stake in shares of MediciNova during the 4th quarter worth approximately $25,000. 9.90% of the stock is owned by hedge funds and other institutional investors.

MediciNova Trading Up 0.4%

NASDAQ:MNOV opened at $1.40 on Friday. The company has a market capitalization of $68.71 million, a P/E ratio of -5.79 and a beta of 0.61. The firm has a fifty day simple moving average of $1.42 and a 200-day simple moving average of $1.45. MediciNova has a 12 month low of $1.17 and a 12 month high of $1.96.

MediciNova (NASDAQ:MNOV - Get Free Report) last issued its quarterly earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.05. The firm had revenue of $0.15 million for the quarter. Equities analysts forecast that MediciNova will post -0.26 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of MediciNova in a research report on Friday, March 27th. HC Wainwright started coverage on MediciNova in a report on Monday, March 16th. They set a "buy" rating and a $10.00 target price for the company. D. Boral Capital reaffirmed a "buy" rating and set a $9.00 target price on shares of MediciNova in a research report on Friday, January 30th. Zacks Research raised MediciNova to a "hold" rating in a research report on Tuesday, March 17th. Finally, Lucid Cap Mkts upgraded shares of MediciNova to a "strong-buy" rating in a research note on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $7.50.

About MediciNova

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.

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