MediciNova (NASDAQ:MNOV) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

MediciNova, Inc. (NASDAQ:MNOV)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.72 and traded as high as $2.08. MediciNova shares last traded at $1.99, with a volume of 31,933 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MNOV. StockNews.com started coverage on MediciNova in a research note on Friday. They set a “hold” rating for the company. D. Boral Capital began coverage on MediciNova in a research note on Monday, December 2nd. They issued a “buy” rating and a $9.00 price target on the stock.

MediciNova Price Performance

The business has a fifty day moving average price of $2.03 and a two-hundred day moving average price of $1.73. The firm has a market cap of $96.13 million, a PE ratio of -9.33 and a beta of 0.84.

Institutional Trading of MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC boosted its stake in MediciNova, Inc. (NASDAQ:MNOV) by 10.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 505,966 shares of the biopharmaceutical company’s stock after buying an additional 47,201 shares during the quarter. Geode Capital Management LLC owned approximately 1.03% of MediciNova worth $1,063,000 at the end of the most recent quarter. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

About MediciNova

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. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other 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, as well as prevention of acute respiratory distress syndrome, and long COVID.