Organovo Holdings Inc (NASDAQ:ONVO) Sees Large Decrease in Short Interest

Organovo Holdings Inc (NASDAQ:ONVO) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 1,480,000 shares, a decrease of 25.6% from the December 15th total of 1,990,000 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average daily volume of 674,700 shares, the days-to-cover ratio is presently 2.2 days.

ONVO opened at $0.45 on Tuesday. The firm’s 50-day simple moving average is $0.46 and its 200-day simple moving average is $0.38. Organovo has a twelve month low of $0.22 and a twelve month high of $1.18. The firm has a market cap of $58.69 million, a price-to-earnings ratio of -1.96 and a beta of 2.18.

Organovo (NASDAQ:ONVO) last posted its earnings results on Thursday, November 7th. The medical research company reported ($0.05) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.05). Organovo had a negative net margin of 774.47% and a negative return on equity of 74.72%. The business had revenue of $1.23 million for the quarter, compared to analyst estimates of $0.79 million.

Several equities research analysts have recently weighed in on ONVO shares. ValuEngine raised shares of Organovo from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. Zacks Investment Research raised shares of Organovo from a “hold” rating to a “buy” rating and set a $0.50 target price on the stock in a report on Thursday, November 14th.

Large investors have recently modified their holdings of the business. Jane Street Group LLC bought a new stake in Organovo during the 2nd quarter worth about $208,000. Paloma Partners Management Co acquired a new position in Organovo during the 2nd quarter valued at about $283,000. Renaissance Technologies LLC lifted its position in Organovo by 45.3% during the 2nd 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 during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Organovo by 210.7% during the 3rd 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 during the period. Finally, Nikko Asset Management Americas Inc. lifted its position in Organovo by 17.5% during the 3rd quarter. Nikko Asset Management Americas Inc. now owns 12,807,832 shares of the medical research company’s stock valued at $3,336,000 after purchasing an additional 1,903,269 shares during the period. 47.95% of the stock is currently owned by hedge funds and other institutional investors.

Organovo Company Profile

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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