Organovo (NASDAQ:ONVO) Coverage Initiated at StockNews.com

Research analysts at StockNews.com have recently begun covering shares of Organovo (NASDAQ:ONVO). In their latest report issued on Friday, the brokerage has assigned a "sell" rating to the medical research company's stock.

Organovo Stock Performance

As of Friday, ONVO stock opened at $0.40. Over the past year, Organovo's stock reached a low of $0.32 and peaked at $1.74. The company's current market capitalization stands at $6.22 million, while it reports a price-to-earnings ratio of -0.38 and a beta of 0.53. The fifty-day moving average for the stock is $0.43, and the two-hundred day moving average sits at $0.58.

Institutional Trading of Organovo

Recently, a hedge fund has increased its holdings in Organovo stock. Armistice Capital LLC has acquired a new stake in shares of Organovo Holdings, Inc. during the second quarter. According to their latest disclosure to the Securities and Exchange Commission (SEC), the fund purchased 929,000 shares valued at approximately $708,000. After this acquisition, Armistice Capital LLC owns about 6.46% of Organovo’s stock. Overall, hedge funds and other institutional investors control 8.23% of the company’s shares.

Organovo Company Profile

Organovo Holdings, Inc. is a biotechnology company that specializes in developing three-dimensional (3D) tissues to model human diseases accurately. The company’s 3D human tissue platform includes its proprietary NovoGen Bioprinters, which are automated systems designed to create living tissues from mammalian cells. Alongside these printers, Organovo also offers related technologies for preparing bioprinting inks and creating multicellular tissues with complex structures.

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