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

StockNews.com began coverage on shares of Organovo (NASDAQ:ONVO) in a research report issued to clients and investors on Saturday. The brokerage set a “sell” rating on the medical research company’s stock.

Organovo Stock Down 3.5 %

NASDAQ ONVO opened at $0.58 on Friday. The stock’s 50-day simple moving average is $0.63 and its two-hundred day simple moving average is $0.88. Organovo has a twelve month low of $0.50 and a twelve month high of $2.05. The company has a market capitalization of $8.34 million, a price-to-earnings ratio of -0.36 and a beta of 0.68.

Organovo (NASDAQ:ONVO) last issued its earnings results on Friday, May 31st. The medical research company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.13. The firm had revenue of $0.03 million during the quarter, compared to analysts’ expectations of $0.08 million. On average, equities analysts expect that Organovo will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Organovo

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