Organovo (NASDAQ:ONVO) Downgraded by ValuEngine

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ValuEngine cut shares of Organovo (NASDAQ:ONVO) from a hold rating to a sell rating in a research note released on Thursday, ValuEngine reports.

Other equities analysts also recently issued reports about the company. Zacks Investment Research raised Organovo from a hold rating to a buy rating and set a $0.50 price target for the company in a report on Thursday. HC Wainwright downgraded Organovo from a buy rating to a neutral rating in a report on Thursday, August 8th.

ONVO traded up $0.02 on Thursday, reaching $0.45. The company’s stock had a trading volume of 1,583,200 shares, compared to its average volume of 1,167,561. The stock has a 50 day moving average of $0.32 and a two-hundred day moving average of $0.44. The company has a market capitalization of $50.07 million, a price-to-earnings ratio of -1.96 and a beta of 1.98. Organovo has a fifty-two week low of $0.22 and a fifty-two week high of $1.18.

Organovo (NASDAQ:ONVO) last announced its quarterly earnings results on Thursday, November 7th. The medical research company reported ($0.05) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.05). The firm had revenue of $1.23 million during the quarter, compared to the consensus estimate of $0.79 million. Organovo had a negative return on equity of 74.72% and a negative net margin of 774.47%. On average, research analysts forecast that Organovo will post -0.19 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in ONVO. Nikko Asset Management Americas Inc. boosted its holdings in Organovo by 446.2% in the second quarter. Nikko Asset Management Americas Inc. now owns 10,904,563 shares of the medical research company’s stock valued at $5,703,000 after purchasing an additional 8,908,247 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Organovo by 210.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 12,807,832 shares of the medical research company’s stock valued at $3,336,000 after purchasing an additional 8,685,367 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Organovo by 45.3% in the second quarter. Renaissance Technologies LLC now owns 5,327,139 shares of the medical research company’s stock valued at $2,786,000 after purchasing an additional 1,661,998 shares in the last quarter. ARK Investment Management LLC boosted its holdings in Organovo by 5.7% in the second quarter. ARK Investment Management LLC now owns 21,132,709 shares of the medical research company’s stock valued at $11,052,000 after purchasing an additional 1,134,039 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in Organovo in the second quarter valued at approximately $283,000. 50.14% of the stock is owned by hedge funds and other institutional investors.

About Organovo

Organovo Holdings, Inc, a biotechnology company, provides therapeutic and drug profiling capabilities based on its 3D bioprint tissues that emulate human biology and diseases. 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.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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