Organovo Holdings, Inc. (ONVO)

[WHP03]

$ONVO New ascending SUP from $1.60 low terminates @$2.80. That's also the bottom of major vol-by-price block (SUP).

It seems unlikely ONVO would fall below this area, but if it does the next logical support is the $2.48 low after the surprise post-secondary downround financing event last Fall, or $2.48. There is a $2.41 low back in May of 2016 that is near the post secondary $2.49 low price, but there wasn't a ton of volume between $2.41 and $2.80, so any dip into that are would likely be very short lived.

Vol by price block (aka volume) between $2.80 and $3 is large so if we dip below $3 I would expect $2.80 to be support. If that breaks, then $2.48 would be my next targeted support level.

Long-term all remains as before IMO. I look forward to hearing how Q4 revenue comes in (expected to be total revenue of $650,000 if the company delivers to the mid-point in their new $3.7 to $4.5MM total revenue guidance. That would be a 50% reduction QoQ, but the company has warned and guided to this, so it can be anticipated. Full year guidance for fiscal 2018, which we should have at the May earnings call, will reset expectations for the next 12 months.

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