MediciNova, Inc. (NASDAQ:MNOV) Sees Large Drop in Short Interest

MediciNova, Inc. (NASDAQ:MNOV) was the recipient of a large drop in short interest in the month of June. As of June 15th, there was short interest totaling 102,466 shares, a drop of 40.7% from the May 31st total of 172,764 shares. Based on an average daily trading volume, of 38,387 shares, the days-to-cover ratio is presently 2.7 days. Currently, 0.2% of the shares of the stock are short sold.

Hedge Funds Weigh In On MediciNova

Institutional investors and hedge funds have recently bought and sold shares of the company. StoneX Group Inc. acquired a new stake in shares of MediciNova during the fourth quarter valued at about $25,000. Goldman Sachs Group Inc. acquired a new position in shares of MediciNova in the fourth quarter valued at approximately $35,000. Citadel Advisors LLC acquired a new position in shares of MediciNova in the third quarter valued at approximately $92,000. Jane Street Group LLC acquired a new position in shares of MediciNova in the fourth quarter valued at approximately $214,000. Finally, State Street Corp raised its holdings in MediciNova by 10.9% in the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after buying an additional 19,100 shares during the last quarter. Institutional investors and hedge funds own 9.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MNOV. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research report on Wednesday, June 24th. HC Wainwright initiated coverage on shares of MediciNova in a research note on Monday, March 16th. They issued a “buy” rating and a $10.00 price objective on the stock. Maxim Group restated a “buy” rating and set a $6.00 price objective on shares of MediciNova in a research report on Monday, March 23rd. Zacks Research upgraded shares of MediciNova to a “hold” rating in a research report on Tuesday, March 17th. Finally, D. Boral Capital restated a “buy” rating and set a $9.00 target price on shares of MediciNova in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.33.

MediciNova Trading Up 7.6%

NASDAQ MNOV traded up $0.10 during trading on Wednesday, hitting $1.42. 412,311 shares of the company’s stock were exchanged, compared to its average volume of 57,873. The company has a market cap of $69.89 million, a PE ratio of -6.17 and a beta of 0.62. MediciNova has a fifty-two week low of $1.17 and a fifty-two week high of $1.96. The stock’s 50 day moving average price is $1.35 and its two-hundred day moving average price is $1.44.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $0.19 million for the quarter, compared to the consensus estimate of $0.19 million. MediciNova had a negative net margin of 1,962.98% and a negative return on equity of 27.28%. Analysts forecast that MediciNova will post -0.26 earnings per share for the current fiscal year.

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.