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

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

MediciNova Stock Performance

MNOV stock opened at $1.36 on Friday. The business’s 50-day moving average is $1.52 and its two-hundred day moving average is $1.89. MediciNova has a fifty-two week low of $1.30 and a fifty-two week high of $2.66. The company has a market cap of $66.71 million, a price-to-earnings ratio of -7.45 and a beta of 0.75.

Institutional Trading of MediciNova

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in MediciNova by 2.3% during the 2nd quarter. BlackRock Inc. now owns 731,369 shares of the biopharmaceutical company’s stock valued at $1,682,000 after buying an additional 16,488 shares in the last quarter. Citigroup Inc. increased its position in MediciNova by 11.2% during the 2nd quarter. Citigroup Inc. now owns 498,257 shares of the biopharmaceutical company’s stock valued at $1,146,000 after buying an additional 50,300 shares in the last quarter. Geode Capital Management LLC increased its position in MediciNova by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 437,247 shares of the biopharmaceutical company’s stock valued at $896,000 after buying an additional 4,374 shares in the last quarter. 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 buying an additional 7,110 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of MediciNova in the fourth quarter valued at about $549,000. Hedge funds and other institutional investors own 10.97% 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. 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.

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