Organovo Holdings Inc. [NASDAQ: ONVO] price surged by 9.63 percent to reach at $0.07. The company report on April 7, 2020 that Organovo Announces Termination of Merger Agreement with Tarveda Therapeutics.
Organovo Holdings, Inc. (“Organovo”) (Nasdaq: ONVO) announced today that it has terminated the merger agreement with Tarveda Therapeutics, Inc. (“Tarveda”), originally announced on December 16, 2019, and will continue to operate as an independent company. The Company had submitted the merger proposal and other related proposals to be voted upon at a Special Meeting of Stockholders, as described in its definitive proxy materials filed with the Securities and Exchange Commission on February 24, 2020. The Special Meeting of Stockholders was held on March 26, 2020 and adjourned until today. At today’s reconvened special meeting, Organovo’s stockholders did not approve the merger related proposal and Organovo terminated the merger agreement in accordance with its terms.
“I would like to thank our stockholders for their dedicated engagement in reviewing our merger proposal, and we look forward to laying out our go forward strategic plan in the coming weeks,” commented Taylor J. Crouch, CEO. “I would like to deeply thank Organovo’s team, our Board of Directors, our advisors, and our outstanding counterparts at Tarveda Therapeutics for the months of diligent effort and well-intentioned negotiations to put forward the business combination proposal. We continue to believe that Tarveda is an exciting and innovative company, and we wish them much success in their on-going mission to bring significant advancements to the treatment of a broad range of patients suffering from solid tumor malignancies.”.
A sum of 1405949 shares traded at recent session while its average daily volume was at 1.69M shares. Organovo Holdings Inc. shares reached a high of $0.7699 and dropped to a low of $0.69 until finishing in the latest session at $0.75.
Guru’s Opinion on Organovo Holdings Inc. [ONVO]:
H.C. Wainwright have made an estimate for Organovo Holdings Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 13, 2018. The new note on the price target was released on November 10, 2017, representing the official price target for Organovo Holdings Inc. stock.
The Average True Range (ATR) for Organovo Holdings Inc. is set at 0.08, with the Price to Sales ratio for ONVO stock in the period of the last 12 months amounting to 43.89. The Price to Book ratio for the last quarter was 3.73, with the Price to Cash per share for the same quarter was set at 0.21.
ONVO Stock Performance Analysis:
Organovo Holdings Inc. [ONVO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.69. With this latest performance, ONVO shares gained by 28.53% in over the last four-week period, additionally plugging by 115.84% over the last 6 months – not to mention a rise of 176.11% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ONVO stock in for the last two-week period is set at 56.45, with the RSI for the last a single of trading hit 57.21, and the three-weeks RSI is set at 55.84 for Organovo Holdings Inc. [ONVO]. The present Moving Average for the last 50 days of trading for this stock 0.6368, while it was recorded at 0.7205 for the last single week of trading, and 0.4620 for the last 200 days.
Insight into Organovo Holdings Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Organovo Holdings Inc. [ONVO] shares currently have an operating margin of -853.73 and a Gross Margin at +33.06. Organovo Holdings Inc.’s Net Margin is presently recorded at -852.00.
Return on Total Capital for ONVO is now -59.58, given the latest momentum, and Return on Invested Capital for the company is -59.46. Return on Equity for this stock declined to -59.46, with Return on Assets sitting at -54.18.
Reflecting on the efficiency of the workforce at the company, Organovo Holdings Inc. [ONVO] managed to generate an average of -$3,118,333 per employee. Receivables Turnover for the company is 6.57 with a Total Asset Turnover recorded at a value of 0.06.Organovo Holdings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 15.60 and a Current Ratio set at 15.60.
Organovo Holdings Inc. [ONVO] Insider Position Details
There are presently around $47 million, or 38.00% of ONVO stock, in the hands of institutional investors. The top three institutional holders of ONVO stocks are: ARK INVESTMENT MANAGEMENT LLC with ownership of 27,138,427, which is approximately 18.442% of the company’s market cap and around 1.50% of the total institutional ownership; NIKKO ASSET MANAGEMENT AMERICAS, INC., holding 9,796,442 shares of the stock with an approximate value of $7.31 million in ONVO stocks shares; and SUMITOMO MITSUI TRUST HOLDINGS, INC., currently with $7.31 million in ONVO stock with ownership of nearly -23.512% of the company’s market capitalization.
Positions in Organovo Holdings Inc. stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 20 institutional holders increased their position in Organovo Holdings Inc. [NASDAQ:ONVO] by around 4,754,953 shares. Additionally, 27 investors decreased positions by around 6,532,350 shares, while 40 investors held positions by with 52,370,573 shares. The mentioned changes placed institutional holdings at 63,657,876 shares, according to the latest SEC report filing. ONVO stock had 7 new institutional investments in for a total of 91,486 shares, while 10 institutional investors sold positions of 206,700 shares during the same period.