MediciNova (NASDAQ:MNOV) Shares Cross Above 200-Day Moving Average – Should You Sell?

Shares of MediciNova, Inc. (NASDAQ:MNOV) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.72 and traded as high as $2.08. MediciNova shares last traded at $1.99, with a volume of 31,933 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MNOV. StockNews.com assumed coverage on MediciNova in a research note on Friday. They issued a “hold” rating on the stock. D. Boral Capital initiated coverage on MediciNova in a report on Monday, December 2nd. They issued a “buy” rating and a $9.00 price target for the company.

MediciNova Stock Down 1.5 %

The business’s 50-day moving average is $2.03 and its two-hundred day moving average is $1.73. The stock has a market capitalization of $96.13 million, a PE ratio of -9.33 and a beta of 0.84.

Institutional Investors Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Jane Street Group LLC purchased a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,138 shares of the biopharmaceutical company’s stock, valued at approximately $30,000. Institutional investors and hedge funds 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.