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

MediciNova, Inc. (NASDAQ:MNOV) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred 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 changing hands.

Wall Street Analysts Forecast Growth

MNOV has been the topic of several research reports. D. Boral Capital began coverage on shares of MediciNova in a research report on Monday, December 2nd. They issued a “buy” rating and a $9.00 price objective on the stock. StockNews.com started coverage on MediciNova in a research note on Friday. They issued a “hold” rating on the stock.

MediciNova Stock Performance

The firm has a market capitalization of $97.60 million, a P/E ratio of -9.48 and a beta of 0.84. The stock has a 50 day moving average of $2.03 and a 200-day moving average of $1.72.

Institutional Trading of MediciNova

An institutional investor recently bought a new position in MediciNova stock. Jane Street Group LLC bought a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,138 shares of the biopharmaceutical company’s stock, valued at approximately $30,000. 9.90% of the stock is currently owned by 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.