MediciNova (NASDAQ:MNOV) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

MediciNova stock opened at $12.06 on Wednesday. The firm has a market cap of $523.07 million, a PE ratio of -37.69 and a beta of 0.31. MediciNova has a 12-month low of $5.75 and a 12-month high of $14.50.

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in MediciNova by 10.3% during the 2nd quarter. BlackRock Inc. now owns 2,375,416 shares of the biopharmaceutical company’s stock worth $18,909,000 after acquiring an additional 222,277 shares in the last quarter. Northern Trust Corp raised its stake in MediciNova by 9.3% during the 2nd quarter. Northern Trust Corp now owns 455,130 shares of the biopharmaceutical company’s stock worth $3,623,000 after acquiring an additional 38,551 shares in the last quarter. Bank of New York Mellon Corp raised its stake in MediciNova by 20.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 151,609 shares of the biopharmaceutical company’s stock worth $1,207,000 after acquiring an additional 25,554 shares in the last quarter. Wexford Capital LP acquired a new stake in MediciNova during the 1st quarter worth $1,278,000. Finally, Jane Street Group LLC acquired a new stake in MediciNova during the 1st quarter worth $974,000. 21.52% of the stock is owned by institutional investors and hedge funds.

About MediciNova

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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