MediciNova (NASDAQ:MNOV) Now Covered by Analysts at StockNews.com

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

MediciNova Stock Performance

Shares of MediciNova stock opened at $1.29 on Monday. MediciNova has a 12-month low of $1.26 and a 12-month high of $2.66. The firm’s 50 day simple moving average is $1.40 and its two-hundred day simple moving average is $1.56.

MediciNova (NASDAQ:MNOV) last released its earnings results on Thursday, February 15th. The biopharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.04. Sell-side analysts anticipate that MediciNova will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in MediciNova, Inc. (NASDAQ:MNOV) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. Institutional investors and hedge funds own 9.90% of the company’s stock.

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.