Organovo (NASDAQ:ONVO) Now Covered by StockNews.com

StockNews.com started coverage on shares of Organovo (NASDAQ:ONVO) in a research report released on Wednesday. The brokerage issued a sell rating on the medical research company’s stock.

Organovo Stock Performance

NASDAQ:ONVO opened at $0.36 on Wednesday. The company has a 50-day moving average of $0.40 and a 200-day moving average of $0.48. The company has a market capitalization of $5.49 million, a price-to-earnings ratio of -0.34 and a beta of 0.56. Organovo has a 52 week low of $0.32 and a 52 week high of $1.74.

Organovo (NASDAQ:ONVO) last released its quarterly earnings data on Friday, November 8th. The medical research company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.12. The company had revenue of $0.03 million during the quarter, compared to the consensus estimate of $0.04 million. Organovo had a negative net margin of 12,176.70% and a negative return on equity of 249.28%. Sell-side analysts forecast that Organovo will post -0.77 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 purchased a new stake in shares of Organovo Holdings, Inc. (NASDAQ:ONVO) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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. 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.