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

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research note issued to investors on Monday morning. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital started coverage on 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 Performance

MNOV stock opened at $1.94 on Monday. The stock has a fifty day moving average of $2.06 and a 200-day moving average of $1.79. MediciNova has a fifty-two week low of $1.12 and a fifty-two week high of $2.55. The company has a market capitalization of $95.16 million, a price-to-earnings ratio of -9.24 and a beta of 0.82.

Hedge Funds Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC grew its holdings in shares of MediciNova, Inc. (NASDAQ:MNOV) by 10.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 505,966 shares of the biopharmaceutical company’s stock after acquiring 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 quarter. 9.90% of the stock is currently 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.