MediciNova (NASDAQ:MNOV) Stock Passes Above 200 Day Moving Average – Here’s Why

MediciNova, Inc. (NASDAQ:MNOV)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.69 and traded as high as $2.19. MediciNova shares last traded at $2.10, with a volume of 30,965 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MNOV shares. D. Boral Capital started coverage on MediciNova in a research report on Monday, December 2nd. They set a “buy” rating and a $9.00 target price for the company. StockNews.com began coverage on shares of MediciNova in a report on Thursday. They set a “hold” rating for the company.

MediciNova Stock Performance

The company has a market capitalization of $103.00 million, a P/E ratio of -10.00 and a beta of 0.84. The business’s fifty day simple moving average is $1.98 and its 200-day simple moving average is $1.69.

Institutional Inflows and Outflows

An institutional investor recently raised its position in MediciNova stock. Geode Capital Management LLC grew its position in shares of MediciNova, Inc. (NASDAQ:MNOV) by 10.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 505,966 shares of the biopharmaceutical company’s stock after purchasing an additional 47,201 shares during the period. Geode Capital Management LLC owned approximately 1.03% of MediciNova worth $1,063,000 at the end of the most recent reporting period. 9.90% of the stock is currently owned by hedge funds and other institutional investors.

MediciNova Company Profile

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.