MediciNova initiated with a Buy at D. Boral Capital

D. Boral Capital initiated coverage of MediciNova (MNOV) with a Buy rating and $9 price target The company is retasking an old drug, Ibudilast – originally used in Japan for asthma, to treat amyotrophic lateral sclerosis, the analyst tells investors in a research note. The firm says the data in ALS shows a significant efficacy signal while the drug is known to be very safe. This combination suggests it may find broad use in ALS and, ultimately, some of the other target indications, such as multiple sclerosis, contends D. Boral.