Organovo (NASDAQ:ONVO) posted its earnings results on Thursday. The medical research company reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.03, Morningstar.com reports. Organovo had a negative net margin of 746.56% and a negative return on equity of 68.85%. The business had revenue of $0.94 million for the quarter, compared to analysts’ expectations of $0.90 million.
NASDAQ ONVO traded down $0.02 on Friday, hitting $1.14. The stock had a trading volume of 506,226 shares, compared to its average volume of 881,520. Organovo has a 52-week low of $0.91 and a 52-week high of $2.09. The stock has a market capitalization of $123.66 million, a PE ratio of -3.56 and a beta of 2.51.
ONVO has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $1.75 target price on shares of Organovo in a research note on Friday, July 27th. Zacks Investment Research upgraded shares of Organovo from a “sell” rating to a “hold” rating in a research note on Saturday, September 1st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $2.75.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LPL Financial LLC lifted its stake in Organovo by 61.9% in the 1st quarter. LPL Financial LLC now owns 123,023 shares of the medical research company’s stock worth $127,000 after purchasing an additional 47,042 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Organovo by 1.5% in the 3rd quarter. BlackRock Inc. now owns 7,068,897 shares of the medical research company’s stock worth $8,129,000 after buying an additional 102,486 shares during the last quarter. UBS Group AG increased its holdings in shares of Organovo by 44.4% in the 1st quarter. UBS Group AG now owns 888,385 shares of the medical research company’s stock worth $915,000 after buying an additional 273,029 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Organovo by 179.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,244,600 shares of the medical research company’s stock worth $1,742,000 after buying an additional 798,800 shares during the last quarter. Finally, ARK Investment Management LLC increased its holdings in shares of Organovo by 20.8% in the 3rd quarter. ARK Investment Management LLC now owns 17,951,107 shares of the medical research company’s stock worth $20,644,000 after buying an additional 3,090,669 shares during the last quarter. Institutional investors and hedge funds own 33.38% of the company’s stock.
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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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