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

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

Separately, B. Riley reaffirmed a “buy” rating on shares of MediciNova in a research report on Monday, October 3rd.

MediciNova Stock Down 0.5 %

Shares of MediciNova stock opened at $2.15 on Wednesday. MediciNova has a twelve month low of $1.96 and a twelve month high of $4.65. The company has a fifty day moving average price of $2.13 and a 200 day moving average price of $2.32.

Institutional Investors Weigh In On MediciNova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of MediciNova by 7.1% during the first quarter. State Street Corp now owns 142,298 shares of the biopharmaceutical company’s stock worth $380,000 after acquiring an additional 9,449 shares during the last quarter. Renaissance Technologies LLC grew its stake in 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in 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. Hedge funds and other institutional investors own 25.41% of the company’s stock.

MediciNova Company Profile

(Get Rating)

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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