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

StockNews.com began coverage on shares of MediciNova (NASDAQ:MNOV) in a research note released on Friday. The firm issued a hold rating on the biopharmaceutical company’s stock.

MediciNova Stock Performance

NASDAQ MNOV opened at $1.83 on Friday. The stock has a 50 day moving average price of $1.83 and a 200-day moving average price of $1.53. MediciNova has a one year low of $1.12 and a one year high of $2.55. The company has a market capitalization of $89.76 million, a P/E ratio of -8.71 and a beta of 0.77.

Institutional Trading of MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Jane Street Group LLC purchased a new position in MediciNova, Inc. (NASDAQ:MNOV) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 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 and hedge funds.

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.