MediciNova’s (MNOV) “Buy” Rating Reiterated at D. Boral Capital

D. Boral Capital reaffirmed their buy rating on shares of MediciNova (NASDAQ:MNOV) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $9.00 price target on the biopharmaceutical company’s stock.

Separately, StockNews.com began coverage on shares of MediciNova in a research report on Tuesday. They set a “hold” rating on the stock.

MediciNova Stock Performance

Shares of MNOV opened at $1.34 on Wednesday. The firm has a market capitalization of $65.72 million, a P/E ratio of -5.83 and a beta of 0.75. MediciNova has a 52 week low of $1.12 and a 52 week high of $2.55. The stock has a 50 day moving average price of $1.59 and a two-hundred day moving average price of $1.83.

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

Institutional Trading of MediciNova

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its stake in MediciNova by 26.7% in the 4th quarter. Millennium Management LLC now owns 25,923 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 5,470 shares during the period. Geode Capital Management LLC boosted its holdings in shares of MediciNova by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock worth $1,082,000 after buying an additional 8,948 shares during the last quarter. Jane Street Group LLC grew its position in MediciNova by 64.5% during the fourth quarter. Jane Street Group LLC now owns 23,259 shares of the biopharmaceutical company’s stock valued at $49,000 after buying an additional 9,121 shares during the period. Barclays PLC grew its position in MediciNova by 15.5% during the fourth quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 12,800 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in MediciNova during the fourth quarter worth about $78,000. 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.