StockNews.com Begins Coverage on MediciNova (NASDAQ:MNOV)

Equities researchers at StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV - Get Free Report) in a report issued on Sunday. The brokerage set a "hold" rating on the biopharmaceutical company's stock.

Separately, D. Boral Capital reiterated 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

MediciNova stock opened at $1.32 on Friday. The firm has a market cap of $64.74 million, a PE ratio of -5.74 and a beta of 0.46. The firm's 50 day moving average price is $1.44 and its two-hundred day moving average price is $1.76. MediciNova has a twelve month low of $1.12 and a twelve month high of $2.55.

MediciNova (NASDAQ:MNOV - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08. Equities analysts anticipate that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MNOV. Jane Street Group LLC grew 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 in the last quarter. Millennium Management LLC grew its position in 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 acquiring an additional 5,470 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in MediciNova in the fourth quarter worth approximately $78,000. SBI Securities Co. Ltd. bought a new stake in MediciNova in the fourth quarter worth approximately $113,000. Finally, Barclays PLC grew its position in 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 acquiring an additional 12,800 shares in the last quarter. Institutional investors and hedge funds own 9.90% of the company's stock.

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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