MediciNova (MNOV) Upgraded by BidaskClub to “Buy”

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BidaskClub upgraded shares of MediciNova (NASDAQ:MNOV) from a hold rating to a buy rating in a research note released on Thursday.

Separately, ValuEngine upgraded MediciNova from a hold rating to a buy rating in a research note on Saturday, June 2nd.

MNOV stock traded up $0.22 during midday trading on Thursday, hitting $11.57. The company’s stock had a trading volume of 226 shares, compared to its average volume of 62,426. MediciNova has a 12 month low of $5.30 and a 12 month high of $14.50. The company has a market capitalization of $499.62 million, a price-to-earnings ratio of -36.00 and a beta of 0.32.

A number of hedge funds have recently bought and sold shares of MNOV. Deutsche Bank AG boosted its position in shares of MediciNova by 151.6% during the 4th quarter. Deutsche Bank AG now owns 78,345 shares of the biopharmaceutical company’s stock valued at $506,000 after acquiring an additional 47,209 shares during the last quarter. Guggenheim Capital LLC bought a new position in shares of MediciNova during the 1st quarter valued at approximately $116,000. Sofinnova Ventures Inc bought a new position in shares of MediciNova during the 1st quarter valued at approximately $336,000. New York State Common Retirement Fund boosted its position in shares of MediciNova by 28.9% during the 1st quarter. New York State Common Retirement Fund now owns 34,867 shares of the biopharmaceutical company’s stock valued at $356,000 after acquiring an additional 7,825 shares during the last quarter. Finally, Element Capital Management LLC bought a new position in shares of MediciNova during the 1st quarter valued at approximately $163,000. Institutional investors and hedge funds own 21.53% of the company’s stock.

MediciNova Company Profile

MediciNova, Inc, a biopharmaceutical company, focuses on acquiring and developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. The company's product candidate includes MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for the treatment of neurological disorders consisting of primary and secondary progressive multiple sclerosis; amyotrophic lateral sclerosis; and substance dependence and addiction.

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