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

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a report published on Saturday morning. The firm issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Price Performance

MediciNova stock traded down $0.00 during mid-day trading on Friday, reaching $1.21. The stock had a trading volume of 8,589 shares, compared to its average volume of 37,931. The company has a market capitalization of $59.35 million, a price-to-earnings ratio of -7.15 and a beta of 0.72. MediciNova has a one year low of $1.18 and a one year high of $2.54. The company has a 50-day moving average price of $1.37 and a two-hundred day moving average price of $1.39.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). On average, equities research analysts anticipate that MediciNova will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Bank Julius Baer & Co. Ltd Zurich bought a new position in MediciNova, Inc. (NASDAQ:MNOV) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. Hedge funds and other institutional investors own 9.90% of the company’s stock.

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.