MediciNova (NASDAQ:MNOV) Now Covered by StockNews.com

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a research note released on Friday morning. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

Shares of MNOV opened at $1.30 on Friday. MediciNova has a 1 year low of $1.26 and a 1 year high of $2.56. The company has a market cap of $63.77 million, a price-to-earnings ratio of -7.65 and a beta of 0.72. The firm has a fifty day moving average of $1.37 and a 200-day moving average of $1.40.

MediciNova (NASDAQ:MNOV) last issued its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Analysts predict that MediciNova will post -0.23 EPS 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 acquired a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. 9.90% of the stock is currently owned by 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.