MediciNova (NASDAQ:MNOV) Coverage Initiated at StockNews.com

Equities researchers at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a research note issued to investors on Wednesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

Shares of NASDAQ:MNOV opened at $1.39 on Wednesday. The stock has a market capitalization of $68.18 million, a price-to-earnings ratio of -8.18 and a beta of 0.72. MediciNova has a 1-year low of $1.26 and a 1-year high of $2.64. The company has a 50 day moving average price of $1.38 and a 200 day moving average price of $1.41.

MediciNova (NASDAQ:MNOV) last issued its earnings results 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). On average, sell-side analysts expect that MediciNova will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Bank Julius Baer & Co. Ltd Zurich acquired 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 firm acquired 19,000 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. 9.90% of the stock is owned by 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.