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

StockNews.com initiated coverage on shares of Organovo (NASDAQ:ONVO) in a research report issued on Monday. The brokerage set a “sell” rating on the medical research company’s stock.

Organovo Price Performance

NASDAQ ONVO opened at $0.52 on Monday. The stock has a market capitalization of $7.49 million, a P/E ratio of -0.32 and a beta of 0.62. Organovo has a 52-week low of $0.50 and a 52-week high of $2.05. The firm has a 50-day moving average price of $0.58 and a 200 day moving average price of $0.83.

Hedge Funds Weigh In On Organovo

An institutional investor recently bought a new position in Organovo stock. Armistice Capital LLC purchased a new stake in Organovo Holdings, Inc. (NASDAQ:ONVO) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund 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 filing with the SEC. 8.23% of the stock is currently owned by institutional investors.

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.