MediciNova, Inc. (NASDAQ:MNOV) Short Interest Update

MediciNova, Inc. (NASDAQ:MNOV) saw a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 204,812 shares, an increase of 99.9% from the June 15th total of 102,466 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average trading volume of 69,545 shares, the days-to-cover ratio is presently 2.9 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MNOV shares. D. Boral Capital reaffirmed a “buy” rating and set a $9.00 price target on shares of MediciNova in a research report on Monday, May 4th. Maxim Group reiterated a “buy” rating and issued a $6.00 price target on shares of MediciNova in a research report on Monday, March 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MediciNova in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.33.

MediciNova Stock Up 2.2%

Shares of MNOV opened at $1.40 on Thursday. The business has a 50-day simple moving average of $1.36 and a two-hundred day simple moving average of $1.43. The stock has a market cap of $68.91 million, a price-to-earnings ratio of -6.09 and a beta of 0.62. MediciNova has a 52 week low of $1.17 and a 52 week high of $1.96.

MediciNova (NASDAQ:MNOV) last posted its quarterly earnings data 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 firm had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $0.19 million. MediciNova had a negative return on equity of 27.28% and a negative net margin of 1,962.98%. On average, equities analysts anticipate that MediciNova will post -0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MediciNova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNOV. Citadel Advisors LLC bought a new position in shares of MediciNova in the third quarter worth approximately $92,000. Goldman Sachs Group Inc. bought a new stake in shares of MediciNova during the 4th quarter valued at $35,000. StoneX Group Inc. purchased a new position in shares of MediciNova during the 4th quarter valued at $25,000. Jane Street Group LLC bought a new position in MediciNova in the 4th quarter worth $214,000. Finally, State Street Corp boosted 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 worth $254,000 after buying an additional 19,100 shares during the period. Institutional investors own 9.90% of the company’s stock.

MediciNova Company Profile

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.