MediciNova, Inc. (NASDAQ:MNOV) Sees Significant Drop in Short Interest

MediciNova, Inc. (NASDAQ:MNOV) was the target of a significant drop in short interest in January. As of January 30th, there was short interest totaling 225,373 shares, a drop of 16.7% from the January 15th total of 270,702 shares. Approximately 0.5% of the shares of the stock are short sold. Based on an average trading volume of 97,335 shares, the days-to-cover ratio is presently 2.3 days. Based on an average trading volume of 97,335 shares, the days-to-cover ratio is presently 2.3 days. Approximately 0.5% of the shares of the stock are short sold.

MediciNova Stock Performance

Shares of NASDAQ MNOV traded up $0.12 during midday trading on Tuesday, reaching $1.60. 58,468 shares of the stock were exchanged, compared to its average volume of 70,577. The stock has a market capitalization of $78.64 million, a P/E ratio of -6.40 and a beta of 0.55. The company has a 50 day simple moving average of $1.52 and a 200 day simple moving average of $1.40. MediciNova has a twelve month low of $1.13 and a twelve month high of $2.00.

Analyst Upgrades and Downgrades

Several research firms recently commented on MNOV. Lucid Cap Mkts raised MediciNova to a “strong-buy” rating in a research note on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Finally, D. Boral Capital restated a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, MediciNova presently has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Institutional Trading of MediciNova

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased its position in shares of MediciNova by 10.9% during the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after acquiring an additional 19,100 shares during the last quarter. StoneX Group Inc. purchased a new position in shares of MediciNova during the 4th quarter worth approximately $25,000. Goldman Sachs Group Inc. acquired a new stake in MediciNova in the 4th quarter valued at approximately $35,000. Citadel Advisors LLC acquired a new stake in MediciNova in the 3rd quarter valued at approximately $92,000. Finally, Jane Street Group LLC purchased a new stake in MediciNova in the fourth quarter valued at approximately $214,000. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

MediciNova Company Profile

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel small-molecule therapeutics for neurodegenerative, inflammatory, fibrotic and oncological diseases. Founded in the late 1990s, the company advances its proprietary compounds through clinical trials and strategic partnerships, with a goal of addressing areas of high unmet medical need. MediciNova is headquartered in San Diego, California, and maintains a presence in Tokyo to support collaborations and regulatory interactions in Asian markets.

The company’s leading clinical asset, MN-166 (ibudilast), is an anti-inflammatory and neuroprotective agent originally approved in Japan for asthma and post-stroke dizziness.