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

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

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

MediciNova Price Performance

Shares of NASDAQ:MNOV opened at $1.87 on Tuesday. The firm has a fifty day moving average price of $2.05 and a 200 day moving average price of $1.81. MediciNova has a 1-year low of $1.12 and a 1-year high of $2.55. The stock has a market cap of $91.72 million, a P/E ratio of -8.90 and a beta of 0.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MNOV. Geode Capital Management LLC lifted its position in shares of MediciNova by 10.3% in the third quarter. Geode Capital Management LLC now owns 505,966 shares of the biopharmaceutical company’s stock worth $1,063,000 after purchasing an additional 47,201 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in MediciNova in the 4th quarter valued at $113,000. Y Intercept Hong Kong Ltd bought a new stake in MediciNova during the 4th quarter worth about $78,000. Finally, Jane Street Group LLC acquired a new position in shares of MediciNova during the 3rd quarter worth about $30,000. 9.90% of the stock is currently 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.