StockNews.com Begins Coverage on MediciNova (NASDAQ:MNOV)

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

MediciNova Trading Down 0.7 %

NASDAQ:MNOV opened at $1.33 on Friday. The company has a market capitalization of $65.24 million, a P/E ratio of -7.82 and a beta of 0.75. MediciNova has a 12 month low of $1.26 and a 12 month high of $2.66. The business’s 50-day moving average is $1.40 and its 200 day moving average is $1.58.

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

Institutional Investors Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. 9.90% of the stock is currently owned by hedge funds and other 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.