StockNews.com Begins Coverage on MediciNova (NASDAQ:MNOV)

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

Separately, D. Boral Capital began coverage on shares of MediciNova in a research report on Monday, December 2nd. They set a “buy” rating and a $9.00 target price on the stock.

MediciNova Stock Down 2.1 %

Shares of NASDAQ MNOV opened at $1.83 on Friday. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The company has a market cap of $89.75 million, a P/E ratio of -8.71 and a beta of 0.84. The business’s 50 day moving average is $2.06 and its two-hundred day moving average is $1.75.

Institutional Investors Weigh In On MediciNova

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

MediciNova Company Profile

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.