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

MediciNova, Inc. (NASDAQ:MNOV) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 102,466 shares, a decrease of 40.7% from the May 31st total of 172,764 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 38,387 shares, the days-to-cover ratio is currently 2.7 days.

MediciNova Stock Performance

NASDAQ:MNOV traded up $0.10 during mid-day trading on Wednesday, reaching $1.42. 412,311 shares of the company’s stock were exchanged, compared to its average volume of 57,873. MediciNova has a one year low of $1.17 and a one year high of $1.96. The firm has a market capitalization of $69.89 million, a PE ratio of -6.17 and a beta of 0.62. The business’s fifty day simple moving average is $1.35 and its two-hundred day simple moving average is $1.44.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 27.28%. The business had revenue of $0.19 million during the quarter, compared to analysts’ expectations of $0.19 million. As a group, equities research analysts forecast that MediciNova will post -0.26 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Maxim Group reiterated a “buy” rating and issued a $6.00 price target on shares of MediciNova in a research note on Monday, March 23rd. D. Boral Capital restated a “buy” rating and set a $9.00 price objective on shares of MediciNova in a research report on Monday, May 4th. Zacks Research raised MediciNova to a “hold” rating in a research report on Tuesday, March 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research note on Wednesday, June 24th. Finally, HC Wainwright initiated coverage on MediciNova in a report on Monday, March 16th. They set a “buy” rating and a $10.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, MediciNova currently has an average rating of “Moderate Buy” and a consensus price target of $8.33.

Institutional Investors Weigh In On MediciNova

Several institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC acquired a new stake in MediciNova during the third quarter worth approximately $92,000. Goldman Sachs Group Inc. acquired a new position in MediciNova in the 4th quarter valued at $35,000. StoneX Group Inc. bought a new stake in shares of MediciNova during the 4th quarter valued at $25,000. Jane Street Group LLC acquired a new stake in shares of MediciNova during the 4th quarter worth $214,000. Finally, State Street Corp increased its position in shares of MediciNova by 10.9% in the fourth quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock worth $254,000 after purchasing an additional 19,100 shares during the period. 9.90% of the stock is currently owned by 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.