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

StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research note issued on Wednesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Trading Up 0.7 %

NASDAQ:MNOV opened at $1.39 on Wednesday. MediciNova has a 12 month low of $1.26 and a 12 month high of $2.64. The stock has a 50 day moving average of $1.38 and a two-hundred day moving average of $1.41. The firm has a market cap of $68.18 million, a P/E ratio of -8.18 and a beta of 0.72.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). 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 purchased a new stake in MediciNova, Inc. (NASDAQ:MNOV) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 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.