MediciNova (NASDAQ:MNOV) Now Covered by StockNews.com

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a research note published on Saturday. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Trading Down 3.8 %

MNOV opened at $2.05 on Friday. The company has a market capitalization of $100.54 million, a price-to-earnings ratio of -9.76 and a beta of 0.77. The business’s fifty day simple moving average is $1.83 and its 200-day simple moving average is $1.55. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55.

Institutional Trading of MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC grew its position in MediciNova, Inc. (NASDAQ:MNOV) by 10.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 505,966 shares of the biopharmaceutical company’s stock after purchasing an additional 47,201 shares during the quarter. Geode Capital Management LLC owned about 1.03% of MediciNova worth $1,063,000 at the end of the most recent reporting period. 9.90% of the stock is owned by institutional investors and hedge funds.

About MediciNova

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction, as well as prevention of acute respiratory distress syndrome, and long COVID.