In a note on Thursday, Jefferies Group lowered its forecasts for Organovo Holdings’ (NASDAQ:$ONVO) Q3 2018 earnings. B. Couillard, of Jefferies Group, lowered its estimated EPS from -$0.09 to -$0.10. The company currently has a ‘Buy’ rating and a price target of $4.00 for the stock. Organovo also issued forecasts of -$0.09 EPS for Q2 2019, -$0.07 EPS for Q3 2019, -$0.07 EPS for Q4 2019, and -$0.32 EPS for the FY 2019.
Multiple other firms also weighed in on the stock recently;
- BidaskClub: In a note on Tuesday, July 25th, BidaskClub dropped their rating from ‘Strong-Sell’ to ‘Sell.
- ValuEngine: In a research note on Friday, September 1st, ValuEngine downgraded shares of Organovo from ‘Sell’ to ‘Strong-Sell’.
In total, Organovo has 4 ‘Buy’ ratings and 4 ‘Sell’ ratings, giving it a consensus rating of ‘Hold’ with an average price target of $6.94.
On Monday, Organovo opened at $2.04. The company has 50 and 200-day moving averages of $2.07 and $2.53. They currently have a 52 week high of $4.08 and a 52 week low of $1.75.
The company posted its last earnings results on Wednesday, August 9th. They had a reported -$0.10 EPS, which matched consensus estimates. They also reported a revenue of $0.99 million, beating consensus estimates of $0.92 million. On a year-over-year basis, Organovo’s revenue was up 11.1%.
Multiple Institutions have also recently altered their holdings in the stock;
- ARK Investment Management LLC bought an additional 828,787 shares during the 2nd quarter, an increase of 134.5%, for a total of 1,445,039 shares valued at $3,800,000.
- Lehman Financial Resources Inc. bought an additional 32,000 shares during the 2nd quarter, an increase of 21.8%, for a total of 32,000 shares valued at $472,000.
- Voya Investment Management LLC (Privately-Traded) bought an additional 8,225 shares during the 2nd quarter, an increase of 18.8%, for a total of 52,032 shares worth $137,000.
- State Street Corp (NYSE:$STT) bought an additional 150,837 shares, an increase of 9.7%, for a total of 1,697,994 shares valued at $4,463,000.
- The Manufacturers Life Insurance Company bought an additional 7,098 shares during the 2nd quarter, an increase of 9.4%, for a total of 82,408 shares valued at $217,000.
Institutional ownership accounts for 23.94% of the company’s stock.
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