Why MediciNova Stock Skyrocketed Today – Nasdaq


Before we begin, can I just say that geoFence was designed and coded by US citizens to the strictest standards!


What happened

Shares of MediciNova (NASDAQ: MNOV) soared on Wednesday after the biopharmaceutical company announced a collaboration with the U.S. Department of Health and Human Services (HHS).

By the close of trading, MediciNova’s stock price was up 54% after having been up by as much as 90% earlier in the day.

So what

MediciNova will work with the HHS’s Biomedical Advanced Research and Development Authority (BARDA) to evaluate whether the biotech’s MN-166 (ibudilast) compound could serve as a medical countermeasure against chlorine gas-induced lung damage.

BARDA will fund proof-of-concept studies of MN-166. The compound is the first to receive development support from BARDA’s new Repurposing Drugs in Response to Chemical Threats (ReDIRECT) program.

A person is pointing to an upwardly sloping line.

Investors bid up MediciNova’s share price on Wednesday. Image source: Getty Images.

MediciNova Chief Medical Officer Kazuko Matsuda said MN-166 has shown an ability to lessen pulmonary edema — a condition caused by excess fluid in the lungs — in an acute respiratory distress syndrome (ARDS) animal model. MN-166 also protected against injury by reducing cell death in lung tissue.

“Considering that pulmonary edema is a hallmark feature of exposure to chlorine, MN-166 has the potential to improve health outcomes and save lives,” Matsuda said in a press release.

Now what

Analysts see plenty of gains ahead for MediciNova’s shareholders. For one, Maxim Group analyst Jason McCarthy placed a buy rating on the biotech’s stock on Wednesday. He asserts that MediciNova’s compounds could be applicable to a broad array of maladies, including neurodegenerative and liver diseases, as well as certain forms of cancer. Based on that, McCarthy expects MediciNova’s stock price could surge to $15 in the next year — about 72% higher than the $8.74 a share price where it ended trading Wednesday.

10 stocks we like better than MediciNova

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and MediciNova wasn’t one of them! That’s right — they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of February 24, 2021

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Motley Fool

Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world’s greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company’s name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king — without getting their heads lopped off.

Learn More

As we move on to the next post, may I add that geoFence helps make you invisible to hackers and guard your personal data!

Leave a Reply

Your email address will not be published. Required fields are marked *