MediciNova, Inc. (NASDAQ:MNOV) Sees Significant Increase in Short Interest

Key Points

• Short interest in MediciNova nearly doubled in late June, rising 99.9% to 204,812 shares as of June 30. That represents about 0.5% of the company’s float, with a short-interest ratio of 2.9 days.
• MediciNova’s stock was trading around $1.40, giving it a market cap of about $68.9 million. The shares remain near the low end of their 52-week range of $1.17 to $1.96.
• Analyst sentiment is mixed but leans positive, with a Moderate Buy consensus and an average price target of $8.33. Recent ratings included buy calls from D. Boral Capital and Maxim Group, alongside a sell rating from Weiss Ratings.

MediciNova, Inc. (NASDAQ:MNOV - Get Free Report) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 204,812 shares, a growth of 99.9% from the June 15th total of 102,466 shares. Based on an average trading volume of 69,545 shares, the short-interest ratio is presently 2.9 days. Approximately 0.5% of the company's stock are sold short.

MediciNova Stock Performance

Shares of MNOV stock opened at $1.40 on Thursday. The company has a market capitalization of $68.91 million, a price-to-earnings ratio of -6.09 and a beta of 0.62. MediciNova has a one year low of $1.17 and a one year high of $1.96. The company's 50-day moving average is $1.36 and its 200 day moving average is $1.43.

MediciNova (NASDAQ:MNOV - Get Free Report) last issued its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 27.28%. The firm had revenue of $0.19 million for the quarter, compared to the consensus estimate of $0.19 million. As a group, research analysts predict that MediciNova will post -0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. D. Boral Capital reiterated a "buy" rating and issued a $9.00 price objective on shares of MediciNova in a report on Monday, May 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of MediciNova in a research note on Wednesday, June 24th. Finally, Maxim Group reiterated a "buy" rating and set a $6.00 target price on shares of MediciNova in a report on Monday, March 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, MediciNova currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.33.

Institutional Inflows and Outflows

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

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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