MediciNova (NASDAQ:MNOV) Cut to Strong Sell at BidaskClub

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BidaskClub lowered shares of MediciNova (NASDAQ:MNOV) from a sell rating to a strong sell rating in a research report released on Friday morning, BidAskClub reports.

MNOV opened at $8.37 on Friday. The company has a market capitalization of $353.36 million, a price-to-earnings ratio of -23.25 and a beta of 1.19. The firm’s fifty day moving average price is $9.37 and its two-hundred day moving average price is $9.62. MediciNova has a 1 year low of $6.68 and a 1 year high of $13.37.

A number of institutional investors and hedge funds have recently bought and sold shares of MNOV. BlackRock Inc. boosted its holdings in MediciNova by 11.6% during the 2nd quarter. BlackRock Inc. now owns 3,135,311 shares of the biopharmaceutical company’s stock worth $30,194,000 after acquiring an additional 326,947 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in MediciNova by 31.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 397,226 shares of the biopharmaceutical company’s stock worth $3,805,000 after acquiring an additional 95,146 shares during the last quarter. Citadel Advisors LLC purchased a new position in MediciNova during the 2nd quarter worth $364,000. Bank of America Corp DE boosted its holdings in MediciNova by 231.3% during the 4th quarter. Bank of America Corp DE now owns 35,328 shares of the biopharmaceutical company’s stock worth $288,000 after acquiring an additional 24,664 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in MediciNova by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 416,581 shares of the biopharmaceutical company’s stock worth $3,403,000 after acquiring an additional 24,391 shares during the last quarter. 21.69% 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. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological 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.

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