StockNews.com initiated coverage on shares of MediciNova (NASDAQ:MNOV – Get Rating) in a research note issued to investors on Tuesday. The firm set a “hold” rating on the biopharmaceutical company’s stock.
MediciNova Stock Up 1.8 %
NASDAQ MNOV opened at $2.24 on Tuesday. The company has a 50-day moving average price of $2.23 and a 200-day moving average price of $2.24. MediciNova has a 52 week low of $1.89 and a 52 week high of $3.18.
Institutional Investors Weigh In On MediciNova
A number of hedge funds have recently made changes to their positions in MNOV. JPMorgan Chase & Co. grew its holdings in shares of MediciNova by 2.4% in the first quarter. JPMorgan Chase & Co. now owns 308,276 shares of the biopharmaceutical company’s stock valued at $823,000 after purchasing an additional 7,110 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of MediciNova in the fourth quarter worth approximately $549,000. Renaissance Technologies LLC increased its position in shares of MediciNova by 7.6% during the second quarter. Renaissance Technologies LLC now owns 161,100 shares of the biopharmaceutical company’s stock worth $408,000 after acquiring an additional 11,400 shares during the period. State Street Corp increased its stake 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 valued at $380,000 after buying an additional 9,449 shares during the period. Finally, Bank of America Corp DE increased its position in MediciNova by 14.5% during the 4th quarter. Bank of America Corp DE now owns 177,259 shares of the biopharmaceutical company’s stock valued at $363,000 after purchasing an additional 22,508 shares during the period. 25.18% of the stock is currently owned by hedge funds and other institutional investors.
MediciNova Company Profile
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.
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