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

StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV) in a research note released on Tuesday morning. The brokerage issued a hold rating on the biopharmaceutical company’s stock.

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

MediciNova Price Performance

MNOV stock opened at $1.87 on Tuesday. The stock has a market capitalization of $91.72 million, a PE ratio of -8.90 and a beta of 0.82. The company’s 50-day moving average is $2.02 and its 200-day moving average is $1.81. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55.

Institutional Investors Weigh In On MediciNova

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of MediciNova by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 514,914 shares of the biopharmaceutical company’s stock worth $1,082,000 after purchasing an additional 8,948 shares during the last quarter. Barclays PLC boosted its holdings in MediciNova by 15.5% in the 4th quarter. Barclays PLC now owns 95,600 shares of the biopharmaceutical company’s stock worth $201,000 after buying an additional 12,800 shares during the period. Jane Street Group LLC bought a new position in MediciNova in the 3rd quarter worth approximately $30,000. Y Intercept Hong Kong Ltd bought a new position in MediciNova in the 4th quarter valued at $78,000. Finally, SBI Securities Co. Ltd. bought a new position in MediciNova in the 4th quarter valued at $113,000. Hedge funds and other institutional investors 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.