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

Investment analysts at StockNews.com initiated coverage on shares of Organovo (NASDAQ:ONVO) in a research note issued on Sunday. The firm set a “sell” rating on the medical research company’s stock.

Organovo Trading Down 4.7 %

Shares of NASDAQ:ONVO opened at $0.44 on Friday. The firm has a market cap of $6.81 million, a PE ratio of -0.32 and a beta of 0.62. The company has a fifty day simple moving average of $0.49 and a 200 day simple moving average of $0.69. Organovo has a 12-month low of $0.40 and a 12-month high of $2.05.

Organovo (NASDAQ:ONVO) last issued its earnings results on Monday, August 5th. The medical research company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.15. The company had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.03 million. As a group, equities research analysts forecast that Organovo will post -0.96 EPS for the current fiscal 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 the company in its most recent Form 13F filing with the Securities and Exchange Commission (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 Securities and Exchange Commission (SEC). 8.23% of the stock is owned by institutional investors.

Organovo Company Profile

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.