MediciNova (NASDAQ:MNOV) Stock Crosses Above 200-Day Moving Average of $0.00

MediciNova, Inc. (NASDAQ:MNOV) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.00 and traded as high as $4.29. MediciNova shares last traded at $4.15, with a volume of 203,387 shares changing hands.

Separately, Maxim Group initiated coverage on MediciNova in a research note on Wednesday, March 10th. They set a “buy” rating and a $15.00 target price for the company.

The company has a market cap of $202.39 million, a PE ratio of -16.60 and a beta of 1.38. The stock’s fifty day moving average price is $4.51.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of MediciNova by 11.2% in the 4th quarter. Bank of New York Mellon Corp now owns 243,233 shares of the biopharmaceutical company’s stock valued at $1,280,000 after acquiring an additional 24,444 shares during the period. BlackRock Inc. increased its holdings in MediciNova by 16.6% in the 4th quarter. BlackRock Inc. now owns 3,313,971 shares of the biopharmaceutical company’s stock valued at $17,433,000 after purchasing an additional 471,747 shares during the last quarter. JPMorgan Chase & Co. raised its position in MediciNova by 173.1% in the fourth quarter. JPMorgan Chase & Co. now owns 113,000 shares of the biopharmaceutical company’s stock valued at $595,000 after purchasing an additional 71,618 shares during the period. Credit Suisse AG acquired a new position in MediciNova during the fourth quarter worth $65,000. Finally, Citigroup Inc. boosted its position in shares of MediciNova by 18,840.4% during the fourth quarter. Citigroup Inc. now owns 457,980 shares of the biopharmaceutical company’s stock worth $2,409,000 after buying an additional 455,562 shares during the period. Institutional investors and hedge funds own 23.19% of the company’s stock.

MediciNova Company Profile (NASDAQ:MNOV)

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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