Organovo Holdings Sees 16% Gain Today After Announcing Relocation, New Facility Last Week (ONVO)

Organovo Holdings (OTC: ONVO), the first-ever 3-D tissue technology company, enjoyed a huge gain today after a month of changes and news surrounding the company. Last week, on July 17, 2012, Organovo Holdings announced a move to a 15,539 sq. ft. facility in San Diego, California. The facility includes a lab, clean room and office space that is four times larger than the company’s previous facility. Because of the human tissues created by Organovo’s 3-D bioprinting process, clean room facilities are needed to protect the tissues. The larger facility allows the company to expand its focus on bioprinting to create functional tissues for research, therapies, drug discovery and development. The company was previously located in a 4,432 sq. ft. facility that was a combined lab and office space.

Earlier this month, on July 9, 2012, the company announced the appointment of James T. Glover to the Board of Directors. He was previously with Anadys Pharmaceuticals.

All of this led up to an exciting trading day for Organovo. After closing at $1.60 last night and opening at $1.59 this morning, the stock rose to $2.00 before closing at $1.86. It posted a $0.26, or 16.3%, gain over yesterday. However, this price is still not even close to the prices the stock experienced last month. On June 7, 2012, the stock closed at $4.72, and more than doubled that amount in less than two weeks. The company saw its 52-week high of $9.65 on June 18, 2012. The share price remained above $9.00 until June 27, 2012, when the stock suddenly took a nosedive and plummeted to $3.77. The stock has seen much up-and-down activity since then.

Volume was also up for Organovo Holdings. With a daily average volume of more than 237,000 shares, today’s trading saw a volume of 573,626 shares. However, this number is still low compared to the 52-week high of 2.8 million shares traded on July 9, 2012. Volume also surpassed the one-million mark on June 27 and 28, 2012.

Various small cap newsletters have mentioned Organovo Holdings today as one of the top three stocks to watch. The company has been in the news quite often in the past few months, which has garnered it much attention. Despite the recent gains, the company still has a long way to go to get back to the $9+ stock prices it enjoyed last month. It has dropped more than 80% since then and the sudden drop that started in late June 2012 may have scared off many investors who considered Organovo Holdings unstable and even volatile. Despite the good news and numerous press releases the company has been sharing lately, stock activity still seems a bit shaky. Perhaps some stability is in the future.

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Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.