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

MediciNova, Inc. (NASDAQ:MNOV) was the target of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 225,373 shares, a drop of 16.7% from the January 15th total of 270,702 shares. Based on an average trading volume of 97,335 shares, the short-interest ratio is currently 2.3 days. Approximately 0.5% of the company’s shares are short sold. Approximately 0.5% of the company’s shares are short sold. Based on an average trading volume of 97,335 shares, the short-interest ratio is currently 2.3 days.

Institutional Inflows and Outflows

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

MediciNova Stock Performance

MNOV stock traded down $0.08 during trading on Monday, reaching $1.48. 58,761 shares of the company were exchanged, compared to its average volume of 70,577. MediciNova has a 52-week low of $1.13 and a 52-week high of $2.04. The company has a market cap of $72.74 million, a P/E ratio of -5.92 and a beta of 0.55. The stock’s 50 day moving average price is $1.52 and its 200 day moving average price is $1.40.

Analyst Ratings Changes

MNOV has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. D. Boral Capital restated a “buy” rating and issued a $9.00 price objective on shares of MediciNova in a research note on Friday, January 30th. Finally, Lucid Cap Mkts raised MediciNova to a “strong-buy” rating in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.00.

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.