PNC Financial Services Group Inc. Buys New Stake in MediciNova, Inc. (MNOV)

PNC Financial Services Group Inc. bought a new position in shares of MediciNova, Inc. (NASDAQ:MNOV) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 29,380 shares of the biopharmaceutical company’s stock, valued at approximately $300,000.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of MediciNova by 25.8% during the 1st quarter. BlackRock Inc. now owns 2,153,139 shares of the biopharmaceutical company’s stock worth $22,005,000 after buying an additional 441,945 shares during the period. Sphera Funds Management LTD. acquired a new position in shares of MediciNova during the 1st quarter worth about $6,447,000. Northern Trust Corp grew its position in shares of MediciNova by 12.2% during the 1st quarter. Northern Trust Corp now owns 416,579 shares of the biopharmaceutical company’s stock worth $4,258,000 after buying an additional 45,255 shares during the period. Geode Capital Management LLC grew its position in shares of MediciNova by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 232,411 shares of the biopharmaceutical company’s stock worth $1,503,000 after buying an additional 5,853 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of MediciNova by 123.3% during the 4th quarter. Renaissance Technologies LLC now owns 79,500 shares of the biopharmaceutical company’s stock worth $514,000 after buying an additional 43,900 shares during the period. Institutional investors own 22.92% of the company’s stock.

MediciNova opened at $8.37 on Wednesday, MarketBeat Ratings reports. MediciNova, Inc. has a fifty-two week low of $4.40 and a fifty-two week high of $14.50.

Several research firms have recently issued reports on MNOV. BidaskClub lowered MediciNova from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 21st. ValuEngine upgraded MediciNova from a “sell” rating to a “hold” rating in a research report on Monday, April 2nd. Finally, B. Riley initiated coverage on MediciNova in a research report on Wednesday, March 28th. They set a “buy” rating and a $22.00 target price for the company.

MediciNova 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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Institutional Ownership by Quarter for MediciNova (NASDAQ:MNOV)

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