Organovo Holdings Inc (ONVO) Expected to Post Quarterly Sales of $1.23 Million

Equities research analysts expect Organovo Holdings Inc (NASDAQ:ONVO) to announce $1.23 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Organovo’s earnings, with the lowest sales estimate coming in at $1.20 million and the highest estimate coming in at $1.26 million. Organovo posted sales of $1.15 million in the same quarter last year, which suggests a positive year over year growth rate of 7%. The company is scheduled to issue its next quarterly earnings report on Thursday, February 8th.

According to Zacks, 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 financial year, analysts anticipate that the business will report 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 an average based on a survey of analysts that cover Organovo.

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

A number of research firms recently commented on ONVO. Zacks Investment Research downgraded shares of Organovo from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Jefferies Group reiterated a “buy” rating and set a $4.00 price target on shares of Organovo in a research note on Tuesday, September 26th. Raymond James Financial cut shares of Organovo from an “outperform” rating to a “market perform” rating and set a $5.00 price target for the company. in a research note on Friday, November 10th. Citigroup cut shares of Organovo to a “market perform” rating in a research note on Friday, November 10th. Finally, BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Organovo in a research note on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $3.60.

Organovo (NASDAQ ONVO) opened at $1.38 on Friday. The company has a market cap of $147.55, a price-to-earnings ratio of -3.63 and a beta of 3.08. Organovo has a 52-week low of $1.32 and a 52-week high of $3.92.

Several hedge funds have recently added to or reduced their stakes in the company. Voya Investment Management LLC increased its holdings in shares of Organovo by 18.8% in the 2nd quarter. Voya Investment Management LLC now owns 52,032 shares of the medical research company’s stock valued at $137,000 after purchasing an additional 8,225 shares in the last quarter. State of Wisconsin Investment Board purchased a new position in shares of Organovo in the 2nd quarter valued at about $196,000. The Manufacturers Life Insurance Company increased its holdings in shares of Organovo by 9.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 82,408 shares of the medical research company’s stock valued at $217,000 after purchasing an additional 7,098 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Organovo by 1.0% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 91,204 shares of the medical research company’s stock valued at $240,000 after purchasing an additional 890 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Organovo by 27.4% in the 2nd quarter. Alliancebernstein L.P. now owns 93,050 shares of the medical research company’s stock valued at $245,000 after purchasing an additional 20,000 shares in the last quarter. Institutional investors own 25.78% of the company’s stock.

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