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

StockNews.com assumed coverage on shares of Organovo (NASDAQ:ONVO) in a research note published on Wednesday. The firm issued a sell rating on the medical research company’s stock.

Organovo Stock Performance

Shares of ONVO opened at $0.48 on Wednesday. The stock has a market cap of $6.83 million, a P/E ratio of -0.30 and a beta of 0.62. Organovo has a 1 year low of $0.43 and a 1 year high of $2.05. The stock’s 50-day moving average price is $0.55 and its two-hundred day moving average price is $0.79.

Organovo (NASDAQ:ONVO) last released its quarterly earnings data on Monday, August 5th. The medical research company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.15. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.03 million. As a group, equities analysts forecast that Organovo will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Organovo

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) during the 2nd quarter, according to its most recent 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 at the end of the most recent quarter. 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.