Shares of MediciNova (MNOV) (MNOV), a small biotech, rose sharply Monday, but for a reason that may not hold up to scientific scrutiny.

MediciNova announced the early termination of a mid-stage study because of positive results in patients with NASH, or nonalcoholic steatohepatitis, a fatty liver disease. MediciNova shares rose 20 percent to $12.33.

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