3D human tissue printer Organovo's shares plunge on timeline delay
23/05/2019 15:29
** Shares of Organovo Inc ONVO.O plunged >42% to an
all-time low early Thurs after announces delay in liver tissue
asset development
** The biotech co's stock currently down 36.7% at $0.57
** On May 22, co reported FY Q4 revenue drop of 38%
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** ONVO, which is focused on generating 3D human tissue,
reached top closing price of $12.75 5-1/2 yrs ago
** Jones Trading cuts rating to "hold" from "buy," cites
co's announcement that it would push pack the development
timeline of its 3D bioprinted therapeutic liver tissue by
several qtrs
** However, analyst Matthew Cross says ONVO's cash balance
is "healthy," does not view the delay "in and of itself as
reason enough to pause investment in this technology,
particularly considering the rather promising results previously
demonstrated"
** With today's price swoon, stock is down >40% YTD
(Reporting by Stephen Culp)
((stephen.culp@thomsonreuters.com; 646-223-6076;))