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

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research report issued on Tuesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Separately, D. Boral Capital assumed coverage on MediciNova in a research note on Monday, December 2nd. They issued a “buy” rating and a $9.00 target price on the stock.

MediciNova Stock Performance

Shares of MediciNova stock opened at $2.15 on Tuesday. MediciNova has a 52 week low of $1.12 and a 52 week high of $2.55. The stock has a market capitalization of $105.45 million, a price-to-earnings ratio of -10.24 and a beta of 0.84. The firm has a fifty day moving average of $1.93 and a two-hundred day moving average of $1.64.

Institutional Inflows and Outflows

An institutional investor recently raised its position in MediciNova stock. Geode Capital Management LLC lifted its position in shares of MediciNova, Inc. (NASDAQ:MNOV) by 10.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 505,966 shares of the biopharmaceutical company’s stock after purchasing an additional 47,201 shares during the quarter. Geode Capital Management LLC owned 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 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.