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

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

Organovo Trading Up 2.4 %

ONVO stock opened at $0.46 on Thursday. The stock has a market capitalization of $7.05 million, a price-to-earnings ratio of -0.43 and a beta of 0.53. The firm’s 50-day moving average price is $0.44 and its two-hundred day moving average price is $0.60. Organovo has a 12-month low of $0.32 and a 12-month high of $1.74.

Hedge Funds Weigh In On Organovo

A hedge fund recently bought a new stake in Organovo stock. Armistice Capital LLC purchased a new position in Organovo Holdings, Inc. (NASDAQ:ONVO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 929,000 shares of the medical research company’s stock, valued at approximately $708,000. Armistice Capital LLC owned about 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.