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

Research analysts at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a report released on Tuesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

Shares of NASDAQ MNOV opened at $1.40 on Tuesday. MediciNova has a 1 year low of $1.26 and a 1 year high of $2.66. The firm has a market cap of $68.66 million, a price-to-earnings ratio of -8.24 and a beta of 0.72. The stock’s 50-day simple moving average is $1.37 and its 200-day simple moving average is $1.41.

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). As a group, research analysts predict that MediciNova will post -0.23 EPS for the current year.

Hedge Funds Weigh In On 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 4th quarter, according to the company in its most recent Form 13F 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. Hedge funds and other institutional investors own 9.90% of the company’s stock.

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.