RenovoRx, Inc. (NASDAQ:RNXT) Sees Large Decrease in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a large decrease in short interest in April. As of April 15th, there was short interest totaling 470,946 shares, a decrease of 20.8% from the March 31st total of 594,804 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily trading volume, of 290,609 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

A number of research firms recently weighed in on RNXT. Wall Street Zen lowered shares of RenovoRx from a “hold” rating to a “strong sell” rating in a research note on Saturday, April 4th. JonesTrading raised shares of RenovoRx to a “strong-buy” rating in a research report on Thursday, January 29th. HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of RenovoRx in a report on Wednesday, April 8th. Finally, Ascendiant Capital Markets increased their price objective on shares of RenovoRx from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.25.

RenovoRx Price Performance

Shares of NASDAQ RNXT opened at $0.88 on Friday. The stock has a market capitalization of $39.79 million, a P/E ratio of -2.76 and a beta of 1.00. RenovoRx has a 1-year low of $0.70 and a 1-year high of $1.45. The business has a fifty day moving average price of $0.94 and a 200 day moving average price of $0.96.

RenovoRx (NASDAQ:RNXT) last issued its quarterly earnings data on Monday, March 30th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.24 million for the quarter, compared to the consensus estimate of $0.42 million. RenovoRx had a negative return on equity of 119.77% and a negative net margin of 994.48%.During the same quarter last year, the company earned ($0.40) earnings per share. As a group, equities research analysts anticipate that RenovoRx will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNXT. XTX Topco Ltd raised its stake in shares of RenovoRx by 58.6% during the 4th quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock worth $42,000 after acquiring an additional 18,525 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in RenovoRx in the second quarter valued at approximately $98,000. Citadel Advisors LLC purchased a new position in RenovoRx in the third quarter worth $154,000. Wealthspire Advisors LLC acquired a new position in shares of RenovoRx during the fourth quarter worth $212,000. Finally, Geode Capital Management LLC increased its position in shares of RenovoRx by 9.9% during the second 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. Hedge funds and other institutional investors own 3.10% of the company’s stock.

About RenovoRx

RenovoRx, Inc is a clinical-stage medical technology company focused on the development of proprietary drug-device combination therapies for the treatment of solid tumor malignancies. The company’s lead product candidate, RenovoCath™, is an intra-arterial catheter system designed to deliver high concentrations of chemotherapeutic agents directly to tumor sites while minimizing systemic exposure. RenovoRx seeks to improve clinical outcomes and reduce adverse effects by enhancing drug delivery precision in hard-to-treat cancers.

RenovoCath™ is being evaluated in multiple clinical trials targeting advanced pancreatic cancer and metastatic colorectal cancer, among other solid tumors.