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

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV - Free Report) in a research note released on Friday. The firm issued 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 report on Wednesday, April 9th.

MediciNova Price Performance

MNOV stock traded up $0.01 during mid-day trading on Friday, reaching $1.49. 2,798 shares of the company's stock were exchanged, compared to its average volume of 38,335. The company has a market cap of $73.08 million, a price-to-earnings ratio of -6.48 and a beta of 0.46. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55. The stock's 50 day moving average is $1.46 and its 200 day moving average is $1.78.

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). On average, research analysts forecast that MediciNova will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted 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 purchasing an additional 5,470 shares in the last quarter. Bank of America Corp DE lifted its stake in MediciNova by 111.3% during the 4th quarter. Bank of America Corp DE now owns 161,312 shares of the biopharmaceutical company's stock worth $339,000 after acquiring an additional 84,963 shares in the last quarter. Jane Street Group LLC boosted its holdings in MediciNova by 64.5% during the 4th 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. Barclays PLC grew its position in 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 acquiring an additional 12,800 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in MediciNova by 1.8% during 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 during the period. 9.90% of the stock is currently 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.