MediciNova (NASDAQ:MNOV) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of MediciNova (NASDAQ:MNOV - Get Free Report) in a research report issued to clients and investors on Thursday. 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 target on shares of MediciNova in a report on Wednesday, April 9th.

MediciNova Stock Up 1.9 %

MediciNova stock traded up $0.03 during trading hours on Thursday, hitting $1.59. The stock had a trading volume of 4,802 shares, compared to its average volume of 38,693. The company has a 50-day moving average of $1.49 and a two-hundred day moving average of $1.79. The company has a market cap of $77.98 million, a PE ratio of -6.91 and a beta of 0.75. MediciNova has a fifty-two week low of $1.12 and a fifty-two week high of $2.55.

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

Hedge Funds Weigh In On MediciNova

Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC acquired a new position in shares of MediciNova in the 3rd quarter worth approximately $30,000. Millennium Management LLC grew its position in MediciNova by 26.7% during the 4th 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 4th quarter worth approximately $78,000. SBI Securities Co. Ltd. bought a new stake in MediciNova during the 4th quarter worth approximately $113,000. Finally, Barclays PLC grew 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 acquiring an additional 12,800 shares during the last quarter. 9.90% of the stock is 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.