MediciNova's (MNOV) Buy Rating Reaffirmed at D. Boral Capital

Key Points

• MediciNova's stock has been reaffirmed with a "buy" rating by D. Boral Capital, with a target price set at $9.00.
• Institutional investors have significantly increased their stakes in MediciNova, with Jane Street Group raising its position by 64.5% in the fourth quarter.
• MediciNova is developing novel therapeutics for serious diseases, including treatments for multiple sclerosis and glioblastoma.

MediciNova (NASDAQ:MNOV - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at D. Boral Capital in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $9.00 price target on the biopharmaceutical company's stock.

Other equities research analysts have also recently issued research reports about the stock. B. Riley upgraded shares of MediciNova from a "buy" rating to a "strong-buy" rating and cut their price objective for the stock from $6.00 to $5.00 in a report on Monday, June 16th. Wall Street Zen initiated coverage on shares of MediciNova in a report on Sunday, May 18th. They issued a "hold" rating on the stock. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to data from MarketBeat.com, MediciNova presently has an average rating of "Strong Buy" and a consensus target price of $7.00.

MediciNova Price Performance

Shares of NASDAQ MNOV opened at $1.36 on Wednesday. MediciNova has a 1 year low of $1.13 and a 1 year high of $2.55. The company's 50-day moving average is $1.30 and its 200 day moving average is $1.43. The stock has a market capitalization of $66.71 million, a P/E ratio of -5.44 and a beta of 0.35.

MediciNova (NASDAQ:MNOV - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The company had revenue of $0.14 million for the quarter. Research analysts anticipate that MediciNova will post -0.24 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its position in MediciNova by 64.5% in the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company's stock worth $49,000 after acquiring an additional 9,121 shares during the period. Millennium Management LLC increased its stake in shares of MediciNova by 26.7% in the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company's stock worth $54,000 after purchasing an additional 5,470 shares in the last quarter. Barclays PLC increased its stake in shares of MediciNova by 15.5% in the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company's stock worth $201,000 after purchasing an additional 12,800 shares in the last quarter. Bank of America Corp DE increased its stake in shares of MediciNova by 111.3% in the fourth quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company's stock worth $339,000 after purchasing an additional 84,963 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of MediciNova by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company's stock worth $1,082,000 after purchasing an additional 8,948 shares in the last quarter. 9.90% of the stock is currently owned by institutional investors.

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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