MediciNova (NASDAQ:MNOV) Now Covered by StockNews.com

Analysts at StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV - Get Free Report) in a research note issued to investors on Wednesday. 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 price objective on shares of MediciNova in a research note on Wednesday, April 9th.

MediciNova Stock Performance

Shares of NASDAQ:MNOV remained flat at $1.45 during midday trading on Wednesday. 6,458 shares of the company were exchanged, compared to its average volume of 38,773. The firm has a market capitalization of $71.12 million, a PE ratio of -6.30 and a beta of 0.75. The company's 50 day moving average is $1.54 and its two-hundred day moving average is $1.81. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55.

MediciNova (NASDAQ:MNOV - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). As a group, sell-side analysts forecast that MediciNova will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Several institutional investors have recently bought and sold shares of MNOV. Jane Street Group LLC bought a new stake in shares of MediciNova in the 3rd quarter worth about $30,000. Millennium Management LLC increased its stake in MediciNova by 26.7% during the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company's stock worth $54,000 after acquiring an additional 5,470 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in MediciNova during the fourth quarter worth approximately $78,000. SBI Securities Co. Ltd. purchased a new stake in MediciNova during the fourth quarter valued at approximately $113,000. Finally, Barclays PLC lifted its stake in shares of MediciNova by 15.5% in the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company's stock valued at $201,000 after purchasing an additional 12,800 shares during the last quarter. Institutional investors own 9.90% of the company's stock.

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.