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

Analysts at StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research report issued to clients and investors on Friday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

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

MediciNova Stock Performance

Shares of NASDAQ:MNOV opened at $1.96 on Friday. The stock’s 50-day simple moving average is $2.03 and its two-hundred day simple moving average is $1.73. The stock has a market capitalization of $96.13 million, a price-to-earnings ratio of -9.33 and a beta of 0.84. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC raised its stake 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 (SEC). The institutional investor owned 505,966 shares of the biopharmaceutical company’s stock after buying an additional 47,201 shares during the quarter. Geode Capital Management LLC owned about 1.03% of MediciNova worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 9.90% of the company’s stock.

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.