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

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

MediciNova Trading Down 2.2 %

NASDAQ MNOV opened at $2.20 on Wednesday. MediciNova has a one year low of $2.08 and a one year high of $4.65. The stock has a 50-day moving average of $2.30 and a 200 day moving average of $2.48.

Institutional Investors Weigh In On MediciNova

Large investors have recently made changes to their positions in the company. Qube Research & Technologies Ltd bought a new stake in shares of MediciNova during the 4th quarter valued at about $37,000. Bailard Inc. bought a new stake in shares of MediciNova during the 1st quarter valued at about $75,000. Capricorn Fund Managers Ltd bought a new stake in shares of MediciNova during the 4th quarter valued at about $144,000. State Street Corp grew its stake in shares of 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. Finally, Renaissance Technologies LLC grew its stake in shares of MediciNova by 5.2% during the 1st quarter. Renaissance Technologies LLC now owns 149,700 shares of the biopharmaceutical company’s stock valued at $400,000 after purchasing an additional 7,400 shares during the period. 25.41% of the stock is currently owned by institutional investors.

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.

Further Reading

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