Between April 7 and 13, MediciNova grew from $3.20 to $7.06. That was a quick rise but later flat pattern overtook the stock. Today, NASDAQ: MNOV skyrockets to over $10.00 after the management announced that company partners with BioComo and Mie University Japan to develop the SARS-Cov-2 vaccine which can kill COVID-19.
Several biotech companies are finding partners to create the vaccine against the coronavirus since they are not receiving any financial incentive from governments and health-related organizations. Vaxart and Moderna have managed to get rewards for their works while other North American companies get support from investors and lenders.
The stock is still penny which is yet to grow higher like early COVID-19 vaccine development biotech companies are having expensive stocks. It is not late to jump onto the MNOV bandwagon.