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

Research analysts at StockNews.com initiated coverage on shares of Organovo (NASDAQ:ONVO) in a note issued to investors on Wednesday. The brokerage set a “sell” rating on the medical research company’s stock.

Organovo Price Performance

Shares of ONVO stock opened at $0.47 on Wednesday. The stock has a market capitalization of $6.80 million, a price-to-earnings ratio of -0.29 and a beta of 0.62. The company’s fifty day simple moving average is $0.55 and its two-hundred day simple moving average is $0.80. Organovo has a 1 year low of $0.43 and a 1 year high of $2.05.

Organovo (NASDAQ:ONVO) last issued its quarterly earnings data on Monday, August 5th. The medical research company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.15. The company had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.03 million. Equities research analysts anticipate that Organovo will post -0.96 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Organovo stock. Armistice Capital LLC bought a new position in shares of Organovo Holdings, Inc. (NASDAQ:ONVO) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 929,000 shares of the medical research company’s stock, valued at approximately $708,000. Armistice Capital LLC owned approximately 6.46% of Organovo as of its most recent SEC filing. Institutional investors and hedge funds own 8.23% of the company’s stock.

About Organovo

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.