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

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

MediciNova Stock Down 1.6 %

Shares of MNOV opened at $1.80 on Friday. The business has a fifty day moving average of $1.83 and a 200 day moving average of $1.53. The company has a market cap of $88.29 million, a PE ratio of -8.57 and a beta of 0.77. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55.

Institutional Investors Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC raised its holdings in shares of MediciNova, Inc. (NASDAQ:MNOV) by 10.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 505,966 shares of the biopharmaceutical company’s stock after purchasing an additional 47,201 shares during the quarter. Geode Capital Management LLC owned 1.03% of MediciNova worth $1,063,000 at the end of the most recent reporting period. 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.