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

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV - Free Report) in a report issued on Tuesday morning. The firm issued a hold rating on the biopharmaceutical company's stock.

Separately, D. Boral Capital reissued a "buy" rating and set a $9.00 target price on shares of MediciNova in a research report on Friday, March 14th.

MediciNova Stock Performance

Shares of NASDAQ:MNOV traded up $0.07 during mid-day trading on Tuesday, reaching $1.34. 16,196 shares of the company's stock were exchanged, compared to its average volume of 39,034. The firm has a market capitalization of $65.72 million, a price-to-earnings ratio of -5.83 and a beta of 0.75. MediciNova has a twelve month low of $1.12 and a twelve month high of $2.55. The business's fifty day moving average price is $1.59 and its 200-day moving average price is $1.83.

MediciNova (NASDAQ:MNOV - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The biopharmaceutical company reported ($0.06) EPS for the quarter, meeting analysts' consensus estimates of ($0.06). Analysts predict that MediciNova will post -0.24 EPS for the current fiscal year.

Institutional Trading of MediciNova

A number of institutional investors have recently bought and sold shares of the company. Jane Street Group LLC bought a new position in shares of MediciNova in the 3rd quarter worth about $30,000. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 47,201 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in MediciNova in the fourth quarter valued at approximately $78,000. SBI Securities Co. Ltd. bought a new position in shares of MediciNova during the 4th quarter worth approximately $113,000. Finally, Millennium Management LLC grew its position in shares of MediciNova by 26.7% during the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company's stock worth $54,000 after buying an additional 5,470 shares during the period. Institutional investors 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.