Organovo (ONVO) Posts Earnings Results

Organovo (NASDAQ:ONVO) released its quarterly earnings data on Thursday. The medical research company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $0.94 million for the quarter, compared to analyst estimates of $0.90 million.

Shares of Organovo stock traded down $0.02 during trading hours on Friday, reaching $1.14. The company’s stock had a trading volume of 506,222 shares, compared to its average volume of 489,196. Organovo has a one year low of $0.91 and a one year high of $2.09. The firm has a market capitalization of $128.20 million, a price-to-earnings ratio of -3.56 and a beta of 2.51.

Institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC lifted its stake in shares of Organovo by 61.9% in the first quarter. LPL Financial LLC now owns 123,023 shares of the medical research company’s stock valued at $127,000 after buying an additional 47,042 shares in the last quarter. UBS Group AG lifted its position in shares of Organovo by 44.4% during the first quarter. UBS Group AG now owns 888,385 shares of the medical research company’s stock valued at $915,000 after purchasing an additional 273,029 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Organovo by 179.2% during the second quarter. Renaissance Technologies LLC now owns 1,244,600 shares of the medical research company’s stock valued at $1,742,000 after purchasing an additional 798,800 shares in the last quarter. BlackRock Inc. lifted its position in shares of Organovo by 14.8% during the second quarter. BlackRock Inc. now owns 6,966,411 shares of the medical research company’s stock valued at $9,753,000 after purchasing an additional 897,113 shares in the last quarter. Finally, ARK Investment Management LLC lifted its position in shares of Organovo by 32.1% during the second quarter. ARK Investment Management LLC now owns 14,860,438 shares of the medical research company’s stock valued at $20,805,000 after purchasing an additional 3,614,856 shares in the last quarter. 33.38% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have weighed in on ONVO. Zacks Investment Research lowered shares of Organovo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $1.75 price objective on shares of Organovo in a research note on Friday, July 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Organovo currently has an average rating of “Hold” and a consensus price target of $2.75.

ILLEGAL ACTIVITY NOTICE: This news story was first posted by WKRB News and is the sole property of of WKRB News. If you are reading this news story on another publication, it was illegally copied and reposted in violation of United States & international trademark and copyright laws. The legal version of this news story can be viewed at https://www.wkrb13.com/2018/11/10/organovo-onvo-posts-earnings-results.html.

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.

Featured Story: Find a Trading Strategy That Works

Earnings History for Organovo (NASDAQ:ONVO)

Receive News & Ratings for Organovo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Organovo and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply