MediciNova (NASDAQ:MNOV) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a report published on Sunday. The firm issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

Shares of NASDAQ:MNOV opened at $2.25 on Friday. The firm’s 50 day moving average is $2.38 and its two-hundred day moving average is $2.26. MediciNova has a 52 week low of $1.89 and a 52 week high of $2.73. The firm has a market capitalization of $110.35 million, a P/E ratio of -9.00 and a beta of 0.93.

MediciNova (NASDAQ:MNOV) last announced its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. Analysts predict that MediciNova will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC acquired a new position in shares of MediciNova during the fourth quarter valued at approximately $38,000. Morgan Stanley increased its stake in shares of MediciNova by 93.0% during the fourth quarter. Morgan Stanley now owns 22,520 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 10,852 shares during the period. ExodusPoint Capital Management LP acquired a new position in shares of MediciNova during the fourth quarter valued at approximately $48,000. Virtu Financial LLC acquired a new position in shares of MediciNova during the fourth quarter valued at approximately $53,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of MediciNova by 62.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 75,005 shares of the biopharmaceutical company’s stock valued at $153,000 after acquiring an additional 28,906 shares during the period. Institutional investors and hedge funds own 10.97% 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.