Organovo Holdings Inc (ONVO) Expected to Post Quarterly Sales of $900,000.00

Brokerages expect Organovo Holdings Inc (NASDAQ:ONVO) to report sales of $900,000.00 for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Organovo’s earnings, with the highest sales estimate coming in at $1.10 million and the lowest estimate coming in at $710,000.00. Organovo reported sales of $1.36 million in the same quarter last year, which suggests a negative year over year growth rate of 33.8%. The firm is scheduled to report its next quarterly earnings report on Thursday, November 8th.

On average, analysts expect that Organovo will report full-year sales of $3.67 million for the current year, with estimates ranging from $2.84 million to $4.50 million. For the next fiscal year, analysts forecast that the business will post sales of $4.75 million, with estimates ranging from $3.30 million to $6.20 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Organovo.

Organovo (NASDAQ:ONVO) last issued its quarterly earnings results on Thursday, August 9th. The medical research company reported ($0.07) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.07). Organovo had a negative net margin of 746.56% and a negative return on equity of 68.85%. The company had revenue of $0.69 million during the quarter, compared to analysts’ expectations of $1.16 million.

Several brokerages have commented on ONVO. Zacks Investment Research raised shares of Organovo from a “hold” rating to a “buy” rating and set a $1.25 price target for the company in a research report on Thursday. Jefferies Financial Group reissued a “buy” rating and issued a $1.75 price target on shares of Organovo in a research report on Friday, July 27th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Organovo presently has a consensus rating of “Buy” and a consensus price target of $2.75.

ONVO stock traded up $0.03 during midday trading on Monday, hitting $1.08. The company’s stock had a trading volume of 553,379 shares, compared to its average volume of 919,514. Organovo has a 52-week low of $0.91 and a 52-week high of $2.09. The stock has a market capitalization of $130.47 million, a PE ratio of -3.38 and a beta of 2.81.

Hedge funds have recently modified their holdings of the business. UBS Group AG boosted its position in Organovo by 44.4% in the 1st quarter. UBS Group AG now owns 888,385 shares of the medical research company’s stock valued at $915,000 after buying an additional 273,029 shares during the period. ARK Investment Management LLC lifted its position in shares of Organovo by 32.1% during the 2nd quarter. ARK Investment Management LLC now owns 14,860,438 shares of the medical research company’s stock worth $20,805,000 after purchasing an additional 3,614,856 shares during the last quarter. First Republic Investment Management Inc. lifted its position in shares of Organovo by 183.7% during the 1st quarter. First Republic Investment Management Inc. now owns 115,520 shares of the medical research company’s stock worth $119,000 after purchasing an additional 74,800 shares during the last quarter. LPL Financial LLC lifted its position in shares of Organovo by 61.9% during 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 during the last quarter. Finally, BlackRock Inc. lifted its position in shares of Organovo by 14.8% during the 2nd quarter. BlackRock Inc. now owns 6,966,411 shares of the medical research company’s stock worth $9,753,000 after purchasing an additional 897,113 shares during the last quarter. 33.34% of the stock is owned by 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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