$1.23 Million in Sales Expected for Organovo Holdings Inc (ONVO) This Quarter

Brokerages expect Organovo Holdings Inc (NASDAQ:ONVO) to report sales of $1.23 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Organovo’s earnings. The highest sales estimate is $1.26 million and the lowest is $1.20 million. Organovo posted sales of $1.15 million during the same quarter last year, which suggests a positive year over year growth rate of 7%. The company is scheduled to report its next quarterly earnings results on Thursday, February 8th.

On average, analysts expect that Organovo will report full-year sales of $1.23 million for the current fiscal year, with estimates ranging from $4.95 million to $5.00 million. For the next fiscal year, analysts anticipate that the firm will post sales of $8.30 million per share, with estimates ranging from $6.60 million to $10.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Organovo.

Organovo (NASDAQ:ONVO) last announced its quarterly earnings results on Thursday, November 9th. The medical research company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. Organovo had a negative return on equity of 65.63% and a negative net margin of 923.89%. The business had revenue of $1.36 million during the quarter, compared to analysts’ expectations of $1.38 million. The business’s quarterly revenue was down 1.4% on a year-over-year basis.

A number of research analysts have recently weighed in on ONVO shares. Zacks Investment Research upgraded Organovo from a “hold” rating to a “buy” rating and set a $2.25 price target for the company in a research report on Wednesday, October 11th. Jefferies Group restated a “buy” rating and issued a $4.00 price target on shares of Organovo in a research report on Tuesday, September 26th. BTIG Research restated a “buy” rating and issued a $3.00 price target on shares of Organovo in a research report on Thursday, November 16th. Citigroup cut Organovo to a “market perform” rating in a research report on Friday, November 10th. Finally, Raymond James Financial cut Organovo from an “outperform” rating to a “market perform” rating and set a $5.00 price target for the company. in a research report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $3.60.

Shares of Organovo (NASDAQ ONVO) traded down $0.01 during mid-day trading on Thursday, hitting $1.47. The stock had a trading volume of 194,703 shares, compared to its average volume of 1,103,893. Organovo has a twelve month low of $1.32 and a twelve month high of $3.95.

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in Organovo by 34.0% during the 1st quarter. Bank of America Corp DE now owns 35,311 shares of the medical research company’s stock worth $113,000 after purchasing an additional 8,967 shares in the last quarter. Voya Investment Management LLC increased its position in Organovo by 18.8% during the 2nd quarter. Voya Investment Management LLC now owns 52,032 shares of the medical research company’s stock worth $137,000 after purchasing an additional 8,225 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in Organovo by 15.0% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 68,487 shares of the medical research company’s stock worth $218,000 after purchasing an additional 8,958 shares in the last quarter. State of Wisconsin Investment Board purchased a new stake in Organovo during the 2nd quarter worth about $196,000. Finally, The Manufacturers Life Insurance Company increased its position in Organovo by 9.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 82,408 shares of the medical research company’s stock worth $217,000 after purchasing an additional 7,098 shares in the last quarter. Hedge funds and other institutional investors own 25.78% of the company’s stock.

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