StockNews.com Initiates Coverage on Organovo (NASDAQ:ONVO)

Analysts at StockNews.com initiated coverage on shares of Organovo (NASDAQ:ONVO) in a research note issued on Thursday. The firm set a “sell” rating on the medical research company’s stock.

Organovo Stock Down 4.3 %

Shares of ONVO stock opened at $1.10 on Thursday. The business has a fifty day simple moving average of $1.04 and a 200 day simple moving average of $1.13. The company has a market cap of $11.04 million, a P/E ratio of -0.51 and a beta of 0.91. Organovo has a twelve month low of $0.89 and a twelve month high of $2.17.

Organovo (NASDAQ:ONVO) last issued its earnings results on Thursday, February 8th. The medical research company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.01. The company had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.08 million. As a group, equities research analysts anticipate that Organovo will post -1.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Organovo

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Organovo by 26.4% in the 4th quarter. Vanguard Group Inc. now owns 353,612 shares of the medical research company’s stock worth $393,000 after purchasing an additional 73,788 shares in the last quarter. Susquehanna International Group LLP raised its holdings in shares of Organovo by 20.9% in the 1st quarter. Susquehanna International Group LLP now owns 61,266 shares of the medical research company’s stock worth $134,000 after acquiring an additional 10,594 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Organovo by 17.3% in the 1st quarter. Renaissance Technologies LLC now owns 131,487 shares of the medical research company’s stock valued at $288,000 after acquiring an additional 19,430 shares in the last quarter. Institutional investors and hedge funds own 8.23% of the company’s stock.

Organovo Company Profile

Organovo Holdings, Inc, a biotechnology company, focuses on developing 3D tissues that recapitulate key aspects of human disease. 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.