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

by · The Markets Daily

MediciNova, Inc. (NASDAQ:MNOV – Get Free Report) was the target of a large decrease in short interest in January. As of January 30th, there was short interest totaling 225,373 shares, a decrease of 16.7% from the January 15th total of 270,702 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average trading volume of 97,335 shares, the short-interest ratio is presently 2.3 days. Based on an average trading volume of 97,335 shares, the short-interest ratio is presently 2.3 days. Approximately 0.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. D. Boral Capital reiterated a “buy” rating and set a $9.00 target price on shares of MediciNova in a research note on Friday, January 30th. Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research report on Monday, January 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.00.

Read Our Latest Report on MediciNova

Institutional Investors Weigh In On MediciNova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new stake in shares of MediciNova during the fourth quarter worth $214,000. Citadel Advisors LLC bought a new stake in MediciNova in the third quarter worth approximately $92,000. Goldman Sachs Group Inc. acquired a new stake in shares of MediciNova in the 4th quarter valued at $35,000. StoneX Group Inc. bought a new stake in MediciNova in the fourth quarter worth $25,000. Finally, State Street Corp increased its position in MediciNova by 10.9% during the fourth 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 last quarter. Hedge funds and other institutional investors own 9.90% of the company’s stock.

MediciNova Price Performance

NASDAQ MNOV traded down $0.08 on Monday, hitting $1.48. 58,761 shares of the company were exchanged, compared to its average volume of 70,577. MediciNova has a twelve month low of $1.13 and a twelve month high of $2.04. The company’s 50 day moving average price is $1.52 and its 200-day moving average price is $1.40. The firm has a market capitalization of $72.74 million, a P/E ratio of -5.92 and a beta of 0.55.

MediciNova Company Profile

(Get Free Report)

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.

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