StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV - Free Report) in a research note published on Sunday morning. The firm issued a hold rating on the biopharmaceutical company's stock.
MediciNova Stock Performance
Shares of MNOV traded up $0.06 during mid-day trading on Friday, reaching $2.07. 73,499 shares of the company's stock were exchanged, compared to its average volume of 153,925. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The business's fifty day simple moving average is $1.86 and its 200-day simple moving average is $1.57.
Institutional Trading of MediciNova
A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC boosted its stake in shares of MediciNova, Inc. (NASDAQ:MNOV - Free Report) by 10.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 505,966 shares of the biopharmaceutical company's stock after buying an additional 47,201 shares during the period. Geode Capital Management LLC owned about 1.03% of MediciNova worth $1,063,000 at the end of the most recent reporting period. 9.90% of the stock is owned by hedge funds and other institutional investors.
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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