MediciNova (NASDAQ:MNOV) Share Price Crosses Above 200 Day Moving Average of $2.27

Shares of MediciNova, Inc. (NASDAQ:MNOVGet Rating) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $2.27 and traded as high as $2.50. MediciNova shares last traded at $2.45, with a volume of 79,628 shares trading hands.

Wall Street Analyst Weigh In

MNOV has been the subject of a number of recent research reports. StockNews.com initiated coverage on MediciNova in a research note on Tuesday, January 3rd. They issued a “sell” rating for the company. B. Riley reaffirmed a “buy” rating on shares of MediciNova in a research note on Monday, October 3rd.

MediciNova Stock Up 0.4 %

The business has a 50 day simple moving average of $2.27 and a 200-day simple moving average of $2.27.

MediciNova (NASDAQ:MNOVGet Rating) last issued its earnings results on Thursday, November 10th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Sell-side analysts anticipate that MediciNova, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of MediciNova

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in shares of MediciNova by 2.4% during the 1st quarter. JPMorgan Chase & Co. now owns 308,276 shares of the biopharmaceutical company’s stock worth $823,000 after purchasing an additional 7,110 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of MediciNova by 7.6% during the 2nd quarter. Renaissance Technologies LLC now owns 161,100 shares of the biopharmaceutical company’s stock worth $408,000 after purchasing an additional 11,400 shares during the last quarter. Finally, State Street Corp increased its position 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 worth $380,000 after purchasing an additional 9,449 shares during the last quarter. 25.18% of the stock is owned by institutional investors and hedge funds.

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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