MediciNova (MNOV) Rating Lowered to Hold at BidaskClub

MediciNova (NASDAQ:MNOV) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Shares of MediciNova (MNOV) opened at $7.31 on Friday. MediciNova has a fifty-two week low of $4.40 and a fifty-two week high of $7.88.

MediciNova (NASDAQ:MNOV) last released its earnings results on Monday, October 23rd. The biopharmaceutical company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). sell-side analysts predict that MediciNova will post -0.37 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in shares of MediciNova by 75.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 47,656 shares of the biopharmaceutical company’s stock worth $251,000 after purchasing an additional 20,567 shares in the last quarter. Northern Trust Corp raised its holdings in shares of MediciNova by 10.6% in the 2nd quarter. Northern Trust Corp now owns 368,599 shares of the biopharmaceutical company’s stock worth $1,939,000 after purchasing an additional 35,331 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of MediciNova by 11.9% in the 2nd quarter. Rhumbline Advisers now owns 36,273 shares of the biopharmaceutical company’s stock worth $191,000 after purchasing an additional 3,865 shares in the last quarter. Teachers Advisors LLC raised its holdings in shares of MediciNova by 7.2% in the 2nd quarter. Teachers Advisors LLC now owns 54,649 shares of the biopharmaceutical company’s stock worth $287,000 after purchasing an additional 3,673 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of MediciNova by 22.9% in the 2nd quarter. Voya Investment Management LLC now owns 19,341 shares of the biopharmaceutical company’s stock worth $102,000 after purchasing an additional 3,603 shares in the last quarter. Institutional investors and hedge funds own 21.93% of the company’s stock.

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About MediciNova

Medicinova, Inc is a biopharmaceutical company. The Company focuses on acquiring and developing small molecule therapeutics for the treatment of diseases with unmet medical needs and a commercial focus on the United States market. Its pipeline includes MN-166 (ibudilast), MN-001 (tipelukast), MN-221 (bedoradrine) and MN-029 (denibulin).

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