MediciNova (NASDAQ:MNOV) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a report issued on Sunday morning. The firm issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

NASDAQ MNOV opened at $2.30 on Friday. The stock has a market cap of $112.82 million, a price-to-earnings ratio of -10.95 and a beta of 0.84. MediciNova has a 52-week low of $1.12 and a 52-week high of $2.55. The business has a 50 day simple moving average of $1.88 and a 200 day simple moving average of $1.58.

Hedge Funds Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC boosted its position in MediciNova, Inc. (NASDAQ:MNOV) by 10.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 505,966 shares of the biopharmaceutical company’s stock after purchasing 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. Institutional investors own 9.90% of the company’s stock.

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.