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

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

Separately, D. Boral Capital assumed coverage on MediciNova in a report on Monday, December 2nd. They issued a “buy” rating and a $9.00 target price on the stock.

MediciNova Price Performance

NASDAQ:MNOV opened at $2.13 on Thursday. The firm has a market cap of $104.47 million, a PE ratio of -10.14 and a beta of 0.84. MediciNova has a 12 month low of $1.12 and a 12 month high of $2.55. The company’s 50-day moving average price is $2.00 and its two-hundred day moving average price is $1.70.

Hedge Funds Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Jane Street Group LLC purchased a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,138 shares of the biopharmaceutical company’s stock, valued at approximately $30,000. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

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.