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

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV - Free Report) in a research report report published on Monday. The brokerage issued a hold rating on the biopharmaceutical company's stock.

Separately, D. Boral Capital assumed coverage on shares of MediciNova in a research note on Monday, December 2nd. They set a "buy" rating and a $9.00 target price for the company.

MediciNova Stock Performance

Shares of MNOV traded down $0.02 during mid-day trading on Monday, reaching $1.91. The company had a trading volume of 15,089 shares, compared to its average volume of 23,918. The firm has a 50-day moving average price of $2.06 and a 200 day moving average price of $1.79. The company has a market capitalization of $93.69 million, a price-to-earnings ratio of -9.09 and a beta of 0.82. MediciNova has a 52 week low of $1.12 and a 52 week high of $2.55.

Hedge Funds Weigh In On MediciNova

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new stake in MediciNova in the third quarter worth about $30,000. Geode Capital Management LLC raised its holdings in shares of MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company's stock worth $1,063,000 after buying an additional 47,201 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of MediciNova during the fourth quarter worth $78,000. Hedge funds and other institutional investors own 9.90% of the company's stock.

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.