Organovo (ONVO) Trading Down 5.4%

Organovo Holdings Inc (NASDAQ:ONVO)’s share price dropped 5.4% during mid-day trading on Tuesday . The stock traded as low as $1.39 and last traded at $1.40. Approximately 1,023,458 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 1,108,723 shares. The stock had previously closed at $1.48.

ONVO has been the subject of several recent research reports. Zacks Investment Research cut shares of Organovo from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Citigroup cut shares of Organovo to a “market perform” rating in a research report on Friday, November 10th. BTIG Research restated a “buy” rating and issued a $3.00 price target on shares of Organovo in a research report on Thursday, November 16th. Finally, Raymond James Financial cut shares of Organovo from an “outperform” rating to a “market perform” rating and set a $5.00 price target for the company. in a research report on Friday, November 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $3.60.

The firm has a market cap of $147.55, a PE ratio of -3.68 and a beta of 3.08.

Organovo (NASDAQ:ONVO) last posted its quarterly earnings data on Thursday, November 9th. The medical research company reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.01. Organovo had a negative net margin of 923.89% and a negative return on equity of 65.63%. The company had revenue of $1.36 million during the quarter, compared to analysts’ expectations of $1.38 million. Organovo’s revenue for the quarter was down 1.4% on a year-over-year basis. research analysts forecast that Organovo Holdings Inc will post -0.36 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Essex Investment Management Co. LLC increased its position in shares of Organovo by 27.3% during the third quarter. Essex Investment Management Co. LLC now owns 458,774 shares of the medical research company’s stock worth $1,018,000 after buying an additional 98,417 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Organovo by 9.4% during the second quarter. The Manufacturers Life Insurance Company now owns 82,408 shares of the medical research company’s stock worth $217,000 after buying an additional 7,098 shares during the period. State Street Corp increased its position in shares of Organovo by 9.7% during the second quarter. State Street Corp now owns 1,697,994 shares of the medical research company’s stock worth $4,463,000 after buying an additional 150,837 shares during the period. Voya Investment Management LLC increased its position in shares of Organovo by 18.8% during the second quarter. Voya Investment Management LLC now owns 52,032 shares of the medical research company’s stock worth $137,000 after buying an additional 8,225 shares during the period. Finally, Ark Investment Management LLC increased its position in shares of Organovo by 134.5% during the second quarter. Ark Investment Management LLC now owns 1,445,039 shares of the medical research company’s stock worth $3,800,000 after buying an additional 828,787 shares during the period. Institutional investors own 25.84% of the company’s stock.

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About Organovo

Organovo Holdings, Inc is an early commercial-stage company focused on developing and commercializing functional human tissues. The Company focuses on the generation of three-dimensional (3D) human tissues, by utilizing its platform technology to create human tissue constructs in 3D. It is focused on development of products, including 3D human tissues used for the preclinical assessment of drug effects, including applications in predictive toxicology, absorption, distribution, metabolism, excretion (ADME), and drug metabolism and pharmacokinetics (DMPK); customized human tissues as living, dynamic models of human biology or disease, for use in drug discovery and development, and three-dimensional human tissues for clinical applications, such as blood vessels for bypass grafting, nerve grafts for nerve damage repair and functional tissue patches for the repair or replacement of damaged tissues and organs.

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