ONVO - Why Organovo Holdings Inc. Stock Soared 49.7% This Week
Shares of Organovo Holdings, Inc . (NASDAQ: ONVO) , an early-stage biotech company that specializes in 3D bioprinting to aid drug development, jumped 49.7% this week, according to data provided by S&P Global Market Intelligence . The stock closed at $3.12 last Friday, then opened at $3.10 on Monday before rising to a high of $4.67 on Thursday. The stock has been down more than 61% over the past 12 months but is up more than 21% so far in 2022. It has a 52-week high of $12.14 and a low of $2.56.
The reason for the jump was the company's settlement of its lawsuit with CELLINK, a wholly owned subsidiary of Swedish company BICO, regarding alleged patent infringements by CELLINK. A trial date had been scheduled for April in 2023. But on Monday, Organova announced that it had reached a licensing agreement for BICO and its affiliate companies, allowing them to access Organovo's patent portfolio in 3D bioprinting.
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Why Organovo Holdings, Inc. Stock Soared 49.7% This Week