Organovo (ONVO) Trading Up -4.5%

Organovo (NASDAQ:ONVO) shares were up 4.5% during mid-day trading on Wednesday . The stock traded as high as $1.75 and last traded at $1.69. Approximately 79,132 shares traded hands during trading, a decline of 92% from the average daily volume of 1,015,418 shares. The stock had previously closed at $1.77.

Several research analysts have issued reports on ONVO shares. Zacks Investment Research upgraded Organovo from a “hold” rating to a “buy” rating and set a $1.25 target price for the company in a research report on Thursday, March 8th. ValuEngine upgraded Organovo from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $3.40.

The firm has a market cap of $192.85 million, a PE ratio of -4.46 and a beta of 2.71.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. LPL Financial LLC boosted its holdings 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 purchasing an additional 47,042 shares during the period. First Republic Investment Management Inc. boosted its holdings in shares of Organovo by 183.7% in the first quarter. First Republic Investment Management Inc. now owns 115,520 shares of the medical research company’s stock valued at $119,000 after purchasing an additional 74,800 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Organovo in the fourth quarter valued at approximately $130,000. Millennium Management LLC purchased a new stake in shares of Organovo in the fourth quarter valued at approximately $269,000. Finally, Anson Funds Management LP purchased a new stake in shares of Organovo in the fourth quarter valued at approximately $281,000. Hedge funds and other institutional investors own 24.86% of the company’s stock.

Organovo Company Profile

Organovo Holdings, Inc, an early commercial stage company, designs and creates functional and three-dimensional (3D) human tissues for use in medical research and therapeutic applications. The company develops 3D human tissue models through internal development and in collaboration with pharmaceutical, academic, and other partners.

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