MediciNov Sees Volume After Zacks Research Raises Price Target To $28 - MediciNova (NASDAQ:MNOV)

MediciNov Inc MNOV sees a trading volume of 18.5 million shares after Zacks Small Cap Research increased the stock price target to $28 from $26.5 earlier.
The research notes positive results from a Phase 2 trial of MN-166 (ibudilast) in alcohol use disorder (AUD) published in Translational Psychiatry.
While ibudilast did not significantly affect negative mood, it reduced the odds of heavy drinking across time by 45%, attenuated alcohol cue-elicited activation in the ventral striatum compared to placebo.
It also reduced alcohol craving compared to placebo on non-drinking days.
There were no significant differences between groups on any baseline characteristic, and overall medication compliance was high.
Price Action: During the mid-day session, the stock was trading 7.38% lower at $3.89 on the last check Tuesday.