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

Equities researchers at StockNews.com started coverage on shares of MediciNova (NASDAQ:MNOV) in a note issued to investors on Friday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Price Performance

Shares of MediciNova stock opened at $1.83 on Friday. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55. The firm has a market cap of $89.75 million, a price-to-earnings ratio of -8.71 and a beta of 0.77. The company has a 50-day moving average of $1.83 and a 200 day moving average of $1.52.

Institutional Investors Weigh In On MediciNova

An institutional investor recently bought a new position in MediciNova stock. Jane Street Group LLC acquired a new stake in shares of MediciNova, Inc. (NASDAQ:MNOV) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 14,138 shares of the biopharmaceutical company’s stock, valued at approximately $30,000. 9.90% of the stock is currently owned by institutional investors.

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.