Organovo Holdings Inc (NASDAQ:ONVO) was the target of a significant decrease in short interest in November. As of November 29th, there was short interest totalling 2,990,000 shares, a decrease of 7.4% from the November 14th total of 3,230,000 shares. Based on an average daily volume of 558,000 shares, the days-to-cover ratio is presently 5.4 days. Currently, 2.3% of the company’s stock are sold short.
A number of research firms recently commented on ONVO. Zacks Investment Research upgraded Organovo from a “hold” rating to a “buy” rating and set a $0.50 price objective on the stock in a report on Thursday, November 14th. ValuEngine upgraded Organovo from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd.
A number of large investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. increased its holdings in Organovo by 67.0% in the second quarter. Advisor Group Inc. now owns 87,250 shares of the medical research company’s stock worth $45,000 after buying an additional 35,000 shares during the last quarter. Jane Street Group LLC acquired a new position in Organovo in the second quarter worth approximately $208,000. Paloma Partners Management Co acquired a new position in Organovo in the second quarter worth approximately $283,000. Renaissance Technologies LLC increased its holdings in Organovo by 45.3% in the second quarter. Renaissance Technologies LLC now owns 5,327,139 shares of the medical research company’s stock worth $2,786,000 after buying an additional 1,661,998 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. increased its holdings in Organovo by 17.5% in the third quarter. Nikko Asset Management Americas Inc. now owns 12,807,832 shares of the medical research company’s stock worth $3,336,000 after buying an additional 1,903,269 shares during the last quarter. Hedge funds and other institutional investors own 47.95% of the company’s stock.
Organovo (NASDAQ:ONVO) last released its quarterly earnings data on Thursday, November 7th. The medical research company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Organovo had a negative return on equity of 74.72% and a negative net margin of 774.47%. The firm had revenue of $1.23 million for the quarter, compared to the consensus estimate of $0.79 million. Research analysts predict that Organovo will post -0.19 earnings per share for the current fiscal year.
Organovo Company Profile
Organovo Holdings, Inc, a biotechnology company, provides therapeutic and drug profiling capabilities based on its 3D bioprint tissues that emulate human biology and diseases. Its 3D human tissue platform includes its proprietary NovoGen Bioprinters, which are automated devices that enable the fabrication of 3D living tissues comprised mammalian cells; and related technologies for preparing bio-inks and bioprinting multicellular tissues with complex architecture.
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