Why Organovo Holdings Jumped 12% This Morning (ONVO)
Organovo Holdings Inc (ONVO) gapped up on the open today, rising as much as 12% when trading opened. Some investors were left wondering why ONVO was up sharply. Now they’re likely wondering why it’s been coming back down since the earlier highs.
Organovo Holdings Inc (ONVO) hit a high of $8.25 at 9:36 am, and has been trending back down since then on profit taking. It is currently at $7.78, still up 44 cents, or 6%. Not too shabby for a half days work.
So why did ONVO jump this morning? Apparently the jump was due to the company’s participation in a medical conference presentation in Germany. It looks like their presentation on their NovoGen MMX Bioprinter, a printer that can actually print human organs. The Bioprinter can print 3D tissue which is needed by biopharmaceutical companies for their testing purposes.
The big spike came from the endorsement for the technology, by a Roche Pharmaceutical doctor, while at the 3D Cell Culture 2014 conference in Germany. This endorsement has investors scrambling to grab shares in Organovo Holdings Inc.
Here’s the latest 5 day chart on Organovo Holdings Inc (ONVO)