MediciNova (NASDAQ:MNOV) Now Covered by StockNews.com

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

Separately, D. Boral Capital initiated coverage on MediciNova in a report on Monday, December 2nd. They issued a “buy” rating and a $9.00 price objective for the company.

MediciNova Stock Performance

Shares of NASDAQ MNOV opened at $2.11 on Tuesday. MediciNova has a 1 year low of $1.12 and a 1 year high of $2.55. The firm has a market cap of $103.49 million, a price-to-earnings ratio of -10.05 and a beta of 0.84. The stock’s 50-day simple moving average is $1.92 and its 200-day simple moving average is $1.63.

Hedge Funds Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC increased its holdings in MediciNova, Inc. (NASDAQ:MNOV) by 10.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period. 9.90% of the stock is owned by 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.