StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV - Free Report) in a research report sent to investors on Friday. The brokerage issued a hold rating on the biopharmaceutical company's stock.
MediciNova Price Performance
Shares of MediciNova stock traded up $0.01 on Friday, reaching $1.83. 39,943 shares of the company were exchanged, compared to its average volume of 48,309. The stock's 50 day moving average price is $1.83 and its 200-day moving average price is $1.52. The company has a market cap of $89.76 million, a P/E ratio of -8.71 and a beta of 0.77. MediciNova has a 1-year low of $1.12 and a 1-year high of $2.55.
Hedge Funds Weigh In On MediciNova
An institutional investor recently bought a new position in MediciNova stock. Jane Street Group LLC acquired a new stake in MediciNova, Inc. (NASDAQ:MNOV - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,138 shares of the biopharmaceutical company's stock, valued at approximately $30,000. Institutional investors and hedge funds own 9.90% of the company's stock.
About MediciNova
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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.
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