MediciNova (NASDAQ:MNOV) Coverage Initiated by Analysts at StockNews.com

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

MediciNova Stock Performance

MNOV stock traded up $0.01 on Friday, reaching $1.83. The company’s stock had a trading volume of 39,944 shares, compared to its average volume of 48,309. The business has a fifty day simple moving average of $1.83 and a two-hundred day simple moving average of $1.52. MediciNova has a 12-month low of $1.12 and a 12-month high of $2.55. The firm has a market cap of $89.76 million, a PE ratio of -8.71 and a beta of 0.77.

Hedge Funds Weigh In On MediciNova

A hedge fund recently bought a new stake in MediciNova stock. Jane Street Group LLC acquired a new position in MediciNova, Inc. (NASDAQ:MNOV) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 14,138 shares of the biopharmaceutical company’s stock, valued at approximately $30,000. Hedge funds and other 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.