HC Wainwright Initiates Coverage on MediciNova (NASDAQ:MNOV)

Equities researchers at HC Wainwright started coverage on shares of MediciNova (NASDAQ:MNOV) in a report issued on Monday,Benzinga reports. The firm set a “buy” rating and a $10.00 price target on the biopharmaceutical company’s stock.

Several other research analysts have also weighed in on MNOV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. D. Boral Capital restated a “buy” rating and set a $9.00 price objective on shares of MediciNova in a research note on Friday, January 30th. Finally, Lucid Cap Mkts raised shares of MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.00.

MediciNova Stock Down 2.2%

NASDAQ MNOV opened at $1.35 on Monday. The firm’s 50 day moving average is $1.54 and its 200-day moving average is $1.42. The company has a market capitalization of $66.45 million, a PE ratio of -5.62 and a beta of 0.58. MediciNova has a 12-month low of $1.13 and a 12-month high of $1.96.

MediciNova (NASDAQ:MNOV) last released its earnings results on Friday, February 20th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $0.15 million during the quarter. As a group, sell-side analysts expect that MediciNova will post -0.24 EPS for the current year.

Institutional Trading of MediciNova

A number of hedge funds have recently modified their holdings of MNOV. StoneX Group Inc. bought a new position in MediciNova in the 4th quarter valued at about $25,000. Goldman Sachs Group Inc. bought a new position in shares of MediciNova during the fourth quarter worth approximately $35,000. Citadel Advisors LLC bought a new position in shares of MediciNova during the third quarter worth approximately $92,000. Jane Street Group LLC acquired a new stake in MediciNova during the 4th quarter worth approximately $214,000. Finally, State Street Corp lifted its holdings in MediciNova by 10.9% during the 4th 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 last quarter. Institutional investors and hedge funds own 9.90% of the company’s stock.

About MediciNova

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.