Benzinga | Jun 22, 2021 02:43PM EDT

MediciNov Sees Volume After Zacks Research Raises Price Target To $28

* MediciNov Inc (NASDAQ: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.