Organovo Rallies On Monster Volume
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Organovo Holdings Inc (NYSE: ONVO) shares were trading higher by $0.26 (5 percent) at $3.80 in Wednesday's session. The catalyst for the rally was data presented by the company on its vitro three-dimensional kidney tissue at the 2015 Experimental Biology conference in Boston, Massachusetts.
Organovo, the lesser known of the issues in the 3D printing sector, is best know for attempting to replicate human tissues with 3D printing technology. At the height of the 3D stock euphoria, the issue peaked at $13.65 in November 2013.
Over the past year, with no major advances in its technology being announced, the issue has slumped with the rest of the 3D sector. The issue did put in pair of lows on Monday ($3.29) and Tuesday ($3.30) and today's news temporarily boosted the issue over $4.00.
Off the open, it rallied to $4.13, but has not been able to sustain the sharp up move. The current high coincides with its March 26 high ($4.11). Since reaching that elevated level, it has declined to $3.77 and is trading on the lows for the session.
It should be noted that today's move is taking place on monster volume. So far, it has already traded 2.2 million shares versus its 20-day average of 1.9 million with over four hours left in the day.
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