MediciNova (NASDAQ:MNOV) Coverage Initiated at StockNews.com

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

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

MediciNova Stock Performance

Shares of NASDAQ MNOV opened at $2.13 on Thursday. MediciNova has a one year low of $1.12 and a one year high of $2.55. The business has a 50-day moving average price of $2.00 and a two-hundred day moving average price of $1.70. The firm has a market capitalization of $104.47 million, a PE ratio of -10.14 and a beta of 0.84.

Institutional Trading of 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% in the 3rd quarter, according to the company in its most recent 13F filing with the 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 SEC. Institutional investors and hedge funds own 9.90% of the company’s stock.

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.