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

Equities researchers at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV - Get Free Report) in a research note issued on Wednesday. The brokerage set a "hold" rating on the biopharmaceutical company's stock.

Separately, D. Boral Capital began coverage on shares of MediciNova in a research report on Monday, December 2nd. They issued a "buy" rating and a $9.00 price objective for the company.

MediciNova Stock Performance

MNOV traded down $0.05 during midday trading on Wednesday, reaching $2.07. 44,039 shares of the company were exchanged, compared to its average volume of 49,438. The company has a market cap of $101.53 million, a price-to-earnings ratio of -9.86 and a beta of 0.84. MediciNova has a one year low of $1.12 and a one year high of $2.55. The company's fifty day moving average price is $1.95 and its 200 day moving average price is $1.67.

Institutional Investors Weigh In On MediciNova

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

MediciNova Company Profile

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.