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

Equities research analysts at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOV) in a report released on Saturday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Price Performance

Shares of MNOV opened at $2.13 on Friday. The company has a market cap of $104.48 million, a PE ratio of -10.14 and a beta of 0.77. The firm has a 50-day moving average of $1.83 and a 200-day moving average of $1.55. MediciNova has a one year low of $1.12 and a one year high of $2.55.

Hedge Funds Weigh In On MediciNova

An institutional investor recently raised its position in MediciNova stock. Geode Capital Management LLC boosted its holdings in MediciNova, Inc. (NASDAQ:MNOV) by 10.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 505,966 shares of the biopharmaceutical company’s stock after acquiring an additional 47,201 shares during the period. Geode Capital Management LLC owned 1.03% of MediciNova worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission. 9.90% of the stock is owned by hedge funds and other institutional investors.

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.