The stock of Organovo Holdings, Inc. (NASDAQ:ONVO) is now priced at $0.61 and the shares are -0.1 points down or -13.52% lower compared to its previous closing price of $0.71. The stock had 2.45 million contracts set over the past session. ONVO shares’ daily volume is compared to its average trading volume at 1.498 million shares. However, it has a float of 129 million and although its performance was -10.29% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the ONVO share price recently placing at $0.59 to $0.68. However, some brokerage firms have priced the stock below the average, including one that has called $1.5.
The shorts are running away from the Organovo Holdings, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ONVO shares have declined. Short interest in the stock represents just 0.95% of its float, but the volume has dropped by -164992. The volume of shorted shares dropped to 1.219 million from 1.384 million shares over the last two weeks. The average intraday trading volume has been 1.654 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Organovo Holdings, Inc. (NASDAQ:ONVO) dropped by -$0.07 over the week and lost -$0.1116 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $0.93. The stock recorded its established 52-week high on 05/13/20.
Since 03/17/20, the stock has traded to a low of $0.1933 at 215.57%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.12. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Organovo Holdings, Inc.’s two-week RSI is 43.77. This suggests that the stock is neutral at the moment and that ONVO shares’ price movement remains stable. The stochastic readings are equally revealing at 27.41% meaning the ONVO share price is currently in overbought territory.
The technical chart shows that the ONVO stock will likely settle at between $0.6633 and $0.7167 per share. However, if the stock dips below $0.5733, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.5367.
Currently, the stock is trading in the red of MACD, with a reading of -0.0263. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned ONVO a rating of Buy in their intiating review released on December 13. Raymond James analysts downgraded their recommendation of the stock from Outperform to Mkt Perform in a flash note released to investors on November 10. Raymond James analysts see the stock as Outperform when the analysts initiated the share price coverage on January 25.
The stocks P/S ratio currently stands below the group’s average of 65.7. Organovo Holdings, Inc. has its P/E ratio at 3.2, which means that the stock is currently trading at a discount relative to the 5.9 industry average.