Organovo Holdings Inc. ($ONVO) stock showed solid performance in its Tuesday trading session. The stock jumped to $3.96 before closing at $3.79, up 11.80% on significantly higher volume. The major push for the stock came from the news related to encouraging update regarding 3D bioprinted liver tissue.
Organovo Holdings presented the data at the TERMIS-Americas Meeting in San Diego. The company said that a bioprinted liver patch may potentially be used for treating acute-on-chronic liver failure and pediatric inborn errors of metabolism.
Organovo Holdings intends to file an Investigational New Drug (IND) application with the FDA for therapeutic liver tissue in three to five years.
Organovo Holdings stock has shown solid performance in the recent past. The stock is up 14% in the past one month while Year to Date performance is impressive 52% growth. It is likely to retain its upward stance as the company has robust future prospects.
The company recently launched ExVive human kidney tissue, its second commercial product. With this product, the company can expand its operations to new market segments. The company had reported its latest quarterly revenue at $1.38 million, widely surpassing consensus estimate of $0.75 million. Its net loss stood at $0.10 per share, lower than expected loss of $0.11 per share.