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

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a report published on Friday morning. The firm issued a hold rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital started 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

Shares of MNOV opened at $1.96 on Friday. The business has a 50-day moving average of $2.03 and a 200-day moving average of $1.73. The company has a market capitalization of $96.13 million, a price-to-earnings ratio of -9.33 and a beta of 0.84. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55.

Hedge Funds Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC increased its position in shares of MediciNova, Inc. (NASDAQ:MNOV) by 10.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 505,966 shares of the biopharmaceutical company’s stock after buying an additional 47,201 shares during the quarter. Geode Capital Management LLC owned about 1.03% of MediciNova worth $1,063,000 at the end of the most recent quarter. 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.