MediciNova (NASDAQ:MNOV) Trading 8.7% Higher

MediciNova, Inc. (NASDAQ:MNOV)’s stock price traded up 8.7% on Monday . The company traded as high as $9.18 and last traded at $9.10, 222,314 shares traded hands during mid-day trading. An increase of 123% from the average session volume of 99,562 shares. The stock had previously closed at $8.37.

Separately, BidaskClub cut MediciNova from a “sell” rating to a “strong sell” rating in a research report on Friday.

The business has a 50-day simple moving average of $9.31 and a two-hundred day simple moving average of $9.60. The company has a market cap of $353.36 million, a price-to-earnings ratio of -25.28 and a beta of 1.19.

Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in shares of MediciNova by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 154,456 shares of the biopharmaceutical company’s stock worth $1,487,000 after buying an additional 1,227 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of MediciNova in the second quarter worth about $33,000. Tower Research Capital LLC TRC lifted its position in shares of MediciNova by 72.1% in the second quarter. Tower Research Capital LLC TRC now owns 9,037 shares of the biopharmaceutical company’s stock worth $87,000 after buying an additional 3,785 shares during the last quarter. Alps Advisors Inc. lifted its position in shares of MediciNova by 5.2% in the first quarter. Alps Advisors Inc. now owns 101,861 shares of the biopharmaceutical company’s stock worth $843,000 after buying an additional 5,077 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of MediciNova by 6.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 96,107 shares of the biopharmaceutical company’s stock worth $926,000 after buying an additional 5,870 shares during the last quarter. 21.69% of the stock is owned by institutional investors.

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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