RenovoRx, Inc. (NASDAQ:RNXT) Sees Significant Growth in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) saw a significant growth in short interest in October. As of October 15th, there was short interest totaling 613,500 shares, a growth of 524.1% from the September 30th total of 98,300 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average daily volume of 521,500 shares, the short-interest ratio is presently 1.2 days. Based on an average daily volume of 521,500 shares, the short-interest ratio is presently 1.2 days. Currently, 1.7% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of RenovoRx by 9.9% in the 2nd quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock worth $467,000 after purchasing an additional 31,730 shares in the last quarter. HighTower Advisors LLC acquired a new stake in shares of RenovoRx in the 1st quarter worth $40,000. Northwestern Mutual Wealth Management Co. purchased a new position in RenovoRx in the 2nd quarter worth $98,000. Chicago Partners Investment Group LLC purchased a new position in RenovoRx in the 1st quarter worth $97,000. Finally, Corsair Capital Management L.P. purchased a new position in RenovoRx in the 1st quarter worth $186,000. Institutional investors own 3.10% of the company’s stock.

RenovoRx Price Performance

Shares of NASDAQ RNXT opened at $1.15 on Tuesday. The business’s 50 day moving average is $1.15 and its two-hundred day moving average is $1.18. RenovoRx has a 1-year low of $0.75 and a 1-year high of $1.69. The stock has a market capitalization of $42.15 million, a P/E ratio of -3.03 and a beta of 1.30.

RenovoRx (NASDAQ:RNXT) last released its earnings results on Thursday, August 14th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $0.42 million for the quarter, compared to the consensus estimate of $0.25 million. As a group, equities research analysts anticipate that RenovoRx will post -0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on RNXT. Weiss Ratings restated a “sell (e+)” rating on shares of RenovoRx in a research report on Wednesday, October 8th. Ascendiant Capital Markets boosted their price objective on RenovoRx from $11.50 to $12.00 and gave the company a “buy” rating in a research report on Monday, August 25th. Finally, Wall Street Zen downgraded RenovoRx from a “hold” rating to a “sell” rating in a research report on Saturday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, RenovoRx has a consensus rating of “Hold” and a consensus target price of $7.50.

About RenovoRx

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.