MediciNova (NASDAQ:MNOV) Earns Hold Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research report report published on Monday. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Friday, March 14th.

MediciNova Stock Performance

NASDAQ:MNOV opened at $1.41 on Monday. The stock has a 50-day simple moving average of $1.71 and a two-hundred day simple moving average of $1.86. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The firm has a market capitalization of $69.15 million, a PE ratio of -6.13 and a beta of 0.73.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings data on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). Equities analysts forecast that MediciNova will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MediciNova

Institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new position in shares of MediciNova during the 3rd quarter valued at about $30,000. Geode Capital Management LLC lifted its position in shares of MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after buying an additional 47,201 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of MediciNova in the fourth quarter worth about $78,000. SBI Securities Co. Ltd. bought a new position in MediciNova during the fourth quarter valued at approximately $113,000. Finally, Millennium Management LLC grew its holdings in MediciNova by 26.7% during the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock valued at $54,000 after buying an additional 5,470 shares in the last quarter. 9.90% of the stock is owned by hedge funds and other institutional investors.

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.