MediciNova (NASDAQ:MNOV) Shares Pass Above 200-Day Moving Average – Time to Sell?

Shares of MediciNova, Inc. (NASDAQ:MNOV) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.69 and traded as high as $2.19. MediciNova shares last traded at $2.10, with a volume of 30,965 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MNOV. D. Boral Capital started coverage on MediciNova in a research report on Monday, December 2nd. They issued a “buy” rating and a $9.00 target price on the stock. StockNews.com began coverage on shares of MediciNova in a report on Thursday. They issued a “hold” rating on the stock.

MediciNova Stock Down 0.5 %

The company has a fifty day simple moving average of $1.98 and a 200-day simple moving average of $1.69. The firm has a market cap of $103.00 million, a P/E ratio of -10.00 and a beta of 0.84.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in MediciNova stock. Jane Street Group LLC acquired a new position in MediciNova, Inc. (NASDAQ:MNOV) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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.