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

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

MediciNova Stock Performance

MNOV opened at $1.34 on Friday. The business’s fifty day moving average is $1.40 and its two-hundred day moving average is $1.59. The company has a market cap of $65.73 million, a price-to-earnings ratio of -7.88 and a beta of 0.75. MediciNova has a one year low of $1.26 and a one year high of $2.66.

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, analysts predict that MediciNova will post -0.23 EPS for the current fiscal year.

Institutional Trading of MediciNova

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

MediciNova Company Profile

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.