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

Analysts at StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV – Get Rating) in a research note issued to investors on Sunday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

MediciNova Trading Up 3.3 %

MediciNova stock opened at $2.19 on Friday. MediciNova has a one year low of $1.89 and a one year high of $2.77. The stock has a fifty day moving average of $2.17 and a 200 day moving average of $2.26.

Institutional Trading of MediciNova

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in MediciNova by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 437,247 shares of the biopharmaceutical company’s stock valued at $896,000 after acquiring an additional 4,374 shares during the last quarter. JPMorgan Chase & Co. increased its position in MediciNova by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 308,276 shares of the biopharmaceutical company’s stock valued at $823,000 after acquiring an additional 7,110 shares during the last quarter. Renaissance Technologies LLC increased its position in MediciNova by 5.2% in the first quarter. Renaissance Technologies LLC now owns 149,700 shares of the biopharmaceutical company’s stock worth $400,000 after buying an additional 7,400 shares in the last quarter. State Street Corp increased its position in MediciNova by 7.1% in the first quarter. State Street Corp now owns 142,298 shares of the biopharmaceutical company’s stock worth $380,000 after buying an additional 9,449 shares in the last quarter. Finally, Morgan Stanley increased its position in MediciNova by 93.0% in the fourth quarter. Morgan Stanley now owns 22,520 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 10,852 shares in the last quarter. Hedge funds and other institutional investors own 25.18% of the company’s stock.

About MediciNova

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MediciNova, Inc is a biopharmaceutical company, which engages in the acquisition and development of small molecule therapeutics for the treatment of diseases with unmet medical needs. Its development pipeline consists of clinical-stage compounds for the treatment of acute exacerbations of asthma and COPD, progressive multiple sclerosis, methamphetamine addiction, neuropathic pain, asthma, interstitial cystitis, and solid tumor cancers.