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

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a research note released on Sunday. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Trading Down 0.7 %

NASDAQ MNOV opened at $1.39 on Friday. MediciNova has a 1-year low of $1.26 and a 1-year high of $2.66. The company has a market capitalization of $68.18 million, a PE ratio of -8.18 and a beta of 0.75. The firm’s fifty day simple moving average is $1.40 and its 200-day simple moving average is $1.59.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings results on Thursday, February 15th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. As a group, analysts predict that MediciNova will post -0.23 EPS for the current year.

Institutional Investors Weigh In On MediciNova

A number of hedge funds have recently bought and sold shares of MNOV. Bank Julius Baer & Co. Ltd Zurich bought a new stake in MediciNova during the fourth quarter valued at about $28,000. Squarepoint Ops LLC bought a new stake in MediciNova during the fourth quarter valued at about $38,000. Morgan Stanley boosted its holdings in 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 bought a new stake in MediciNova during the fourth quarter valued at about $48,000. Finally, Virtu Financial LLC bought a new stake in MediciNova during the fourth quarter valued at about $53,000. 9.90% of the stock is currently owned by 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.