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

Investment analysts at StockNews.com assumed coverage on shares of MediciNova (NASDAQ:MNOVGet Rating) in a research report issued on Wednesday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Stock Up 1.4 %

MediciNova stock opened at $2.19 on Wednesday. The business has a 50 day moving average of $2.29 and a 200-day moving average of $2.48. MediciNova has a 1 year low of $2.08 and a 1 year high of $4.65.

Institutional Trading of MediciNova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in MediciNova by 7.6% during the 2nd quarter. Renaissance Technologies LLC now owns 161,100 shares of the biopharmaceutical company’s stock valued at $408,000 after purchasing an additional 11,400 shares during the period. State Street Corp increased its position in MediciNova by 7.1% during the 1st quarter. State Street Corp now owns 142,298 shares of the biopharmaceutical company’s stock valued at $380,000 after purchasing an additional 9,449 shares during the period. JPMorgan Chase & Co. increased its position in MediciNova by 2.4% during the 1st quarter. JPMorgan Chase & Co. now owns 308,276 shares of the biopharmaceutical company’s stock valued at $823,000 after purchasing an additional 7,110 shares during the period. Bailard Inc. acquired a new stake in MediciNova during the 1st quarter valued at approximately $75,000. Finally, Capricorn Fund Managers Ltd acquired a new stake in shares of MediciNova during the 4th quarter worth approximately $144,000. Institutional investors and hedge funds own 25.41% of the company’s stock.

About MediciNova

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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. The company is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological 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.

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