MediciNova (NASDAQ:MNOV) Coverage Initiated at Wall Street Zen

Wall Street Zen started coverage on shares of MediciNova (NASDAQ:MNOV - Free Report) in a research report released on Sunday. The brokerage issued a hold rating on the biopharmaceutical company's stock.

Separately, D. Boral Capital reissued a "buy" rating and set a $9.00 price target on shares of MediciNova in a report on Wednesday, April 9th.

MediciNova Trading Up 2.2%

MediciNova stock traded up $0.03 during mid-day trading on Friday, reaching $1.41. The company's stock had a trading volume of 6,223 shares, compared to its average volume of 38,119. The firm has a market cap of $69.15 million, a price-to-earnings ratio of -6.13 and a beta of 0.46. The business has a 50 day moving average price of $1.43 and a 200-day moving average price of $1.75. 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) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. On average, equities analysts expect that MediciNova will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC boosted its holdings in shares of MediciNova by 64.5% during the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company's stock valued at $49,000 after acquiring an additional 9,121 shares during the period. Millennium Management LLC boosted its holdings in shares of MediciNova by 26.7% during the fourth quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company's stock valued at $54,000 after acquiring an additional 5,470 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of MediciNova during the fourth quarter valued at $78,000. SBI Securities Co. Ltd. acquired a new position in shares of MediciNova during the fourth quarter valued at $113,000. Finally, Barclays PLC raised its stake in shares of MediciNova by 15.5% during the fourth 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 in the last quarter. Institutional investors and hedge funds 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.