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

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

Organovo Stock Up 1.5 %

NASDAQ:ONVO opened at $1.39 on Thursday. Organovo has a 52 week low of $1.00 and a 52 week high of $3.40. The firm has a 50 day moving average of $1.30 and a 200 day moving average of $1.52. The stock has a market capitalization of $12.12 million, a price-to-earnings ratio of -0.65 and a beta of 0.84.

Insider Activity at Organovo

In related news, Director David Gobel sold 19,607 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $1.62, for a total transaction of $31,763.34. Following the completion of the sale, the director now owns 19,607 shares of the company’s stock, valued at $31,763.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Organovo

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Susquehanna International Group LLP lifted its position in Organovo by 20.9% during the first quarter. Susquehanna International Group LLP now owns 61,266 shares of the medical research company’s stock valued at $134,000 after acquiring an additional 10,594 shares during the last quarter. Vanguard Group Inc. increased its stake in Organovo by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 283,074 shares of the medical research company’s stock valued at $580,000 after purchasing an additional 13,153 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Organovo by 17.3% during the 1st quarter. Renaissance Technologies LLC now owns 131,487 shares of the medical research company’s stock valued at $288,000 after purchasing an additional 19,430 shares in the last quarter. Hedge funds and other institutional investors own 9.14% of the company’s stock.

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.