MediciNova (NASDAQ:MNOV) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

MediciNova, Inc. (NASDAQ:MNOV) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.72 and traded as high as $2.08. MediciNova shares last traded at $1.99, with a volume of 31,933 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MNOV shares. StockNews.com began coverage on MediciNova in a research note on Friday. They set a “hold” rating on the stock. D. Boral Capital assumed coverage on shares of MediciNova in a research note on Monday, December 2nd. They issued a “buy” rating and a $9.00 target price on the stock.

MediciNova Stock Performance

The company has a 50-day moving average price of $2.03 and a 200-day moving average price of $1.72. The firm has a market capitalization of $97.60 million, a P/E ratio of -9.48 and a beta of 0.84.

Hedge Funds Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC lifted its position in MediciNova, Inc. (NASDAQ:MNOV) by 10.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 1.03% of MediciNova worth $1,063,000 at the end of the most recent quarter. 9.90% of the stock is owned by institutional investors and hedge funds.

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.