MediciNova (NASDAQ:MNOV) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

MediciNova, Inc. (NASDAQ:MNOV) shares 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 changing hands.

Wall Street Analyst Weigh In

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

MediciNova Stock Performance

The company has a market cap of $96.13 million, a price-to-earnings ratio of -9.33 and a beta of 0.84. The company has a 50-day simple moving average of $2.03 and a 200-day simple moving average of $1.73.

Institutional Investors Weigh In On 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 its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,138 shares of the biopharmaceutical company’s stock, valued at approximately $30,000. 9.90% of the stock is owned by institutional investors and hedge funds.

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.