MediciNova Inc (NASDAQ:MNOV) Stock Extends Gain: Jumps 10% In a Week

Biopharmaceutical firm MediciNova Inc (NASDAQ:MNOV) has come on to the radars of investors in a big way over the course of the past few days and the trend remained the same on Tuesday as the stock ended the day with gains of 5%. That took the gains made by the stock over the course of the past week to as much as 10%.

Trading Data

On Tuesday, MNOV stock went up 4.96% to $2.54 with more than 2.24 million shares, compared to its average volume of 538K shares. The stock has moved within a range of $2.3500 – 2.5800 after opening trade at $2.46.

Receives a New Patent

Yesterday, the company was actually in the news after it made an announcement with regards to the receipt of a key patent. The patent in question is with regards to company’s product MN-001 and it was awarded by the Korean Intellectual Property Office.

The product in question is meant for treating ailments like hyperlipoproteinemia, hypercholesterolemia and hypertriglyceridemia. It goes without saying that the award of the patent marks a major milestone for MediciNova and the rally in the stock was perhaps understandable.

After the patent is issued, it is going to stay in place up until 2034 and hence, the company is going to have plenty of time within which it could cash in on its product. At this point in time, it may be a good idea to add the stock to your watch lists.

Key Quote

Kazuko Matsuda, M.D. Ph.D, MPH., Chief Medical Officer, MediciNova, Inc., commented, “We are very pleased to receive notice that this new patent will be granted. As we already have granted patents for similar indications in the U.S., Europe, Japan, and China, we believe this additional patent in Korea could increase the potential value of MN-001. In our Phase 2 trial which enrolled subjects with NASH or NAFLD with hypertriglyceridemia, MN-001 demonstrated a statistically significant reduction in mean serum triglycerides after 8 weeks of treatment.”

Technical Data

MNOV stock is trading below the 50-Day and 200-Day Moving averages of $2.81 and $3.62 respectively. However, the stock is above 20-Day moving average of $2.47.