Organovo Holdings, Inc. (NASDAQ:ONVO) Releases Earnings Results, Hits Estimates
Organovo Holdings, Inc. (NASDAQ:ONVO) released its earnings results on Wednesday. The company reported ($0.10) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.10), Briefing.com reports. Organovo Holdings had a negative net margin of 918.97% and a negative return on equity of 64.25%. The firm had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.92 million. Organovo Holdings’s quarterly revenue was up 11.1% compared to the same quarter last year.
Organovo Holdings (NASDAQ ONVO) traded up 1.45% on Friday, reaching $2.10. 1,142,613 shares of the company traded hands. The stock’s 50-day moving average is $2.46 and its 200-day moving average is $2.86. Organovo Holdings has a 1-year low of $2.00 and a 1-year high of $4.66.
A number of hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC raised its stake in shares of Organovo Holdings by 134.5% in the second quarter. ARK Investment Management LLC now owns 1,445,039 shares of the company’s stock valued at $3,800,000 after buying an additional 828,787 shares during the period. Vanguard Group Inc. raised its stake in shares of Organovo Holdings by 8.5% in the first quarter. Vanguard Group Inc. now owns 4,250,017 shares of the company’s stock valued at $13,515,000 after buying an additional 333,034 shares during the period. Meridian Wealth Management LLC acquired a new stake in shares of Organovo Holdings during the first quarter valued at about $321,000. UBS Group AG raised its stake in shares of Organovo Holdings by 31.3% in the first quarter. UBS Group AG now owns 1,289,100 shares of the company’s stock valued at $4,099,000 after buying an additional 306,982 shares during the period. Finally, Norges Bank acquired a new stake in shares of Organovo Holdings during the fourth quarter valued at about $1,030,000. Institutional investors own 22.77% of the company’s stock.
A number of research analysts have recently weighed in on the stock. BidaskClub downgraded shares of Organovo Holdings from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Organovo Holdings in a report on Thursday, July 27th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $3.75 price objective (down from $4.00) on shares of Organovo Holdings in a report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Organovo Holdings has a consensus rating of “Buy” and an average price target of $6.20.
Organovo Holdings Company Profile
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