MediciNova (NASDAQ:MNOV) Rating Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of MediciNova (NASDAQ:MNOV) from a sell rating to a strong sell rating in a research note published on Friday morning, BidAskClub reports.

Shares of MediciNova stock opened at $9.10 on Friday. The firm has a market cap of $353.36 million, a price-to-earnings ratio of -25.28 and a beta of 1.19. The business has a 50-day moving average price of $9.31 and a 200-day moving average price of $9.60. MediciNova has a twelve month low of $6.68 and a twelve month high of $13.37.

Several institutional investors have recently modified their holdings of MNOV. Geode Capital Management LLC lifted its stake in MediciNova by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 416,581 shares of the biopharmaceutical company’s stock worth $3,403,000 after purchasing an additional 24,391 shares during the last quarter. Bank of America Corp DE lifted its stake in MediciNova by 231.3% during the fourth quarter. Bank of America Corp DE now owns 35,328 shares of the biopharmaceutical company’s stock worth $288,000 after purchasing an additional 24,664 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in MediciNova by 373.9% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,041 shares of the biopharmaceutical company’s stock worth $107,000 after purchasing an additional 10,289 shares during the last quarter. BNP Paribas Arbitrage SA bought a new stake in MediciNova during the first quarter worth about $69,000. Finally, Alps Advisors Inc. lifted its stake in MediciNova by 5.2% during the first quarter. Alps Advisors Inc. now owns 101,861 shares of the biopharmaceutical company’s stock worth $843,000 after purchasing an additional 5,077 shares during the last quarter. Hedge funds and other institutional investors own 21.69% of the company’s stock.

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. 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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