RenovoRx (NASDAQ:RNXT) Given New $14.00 Price Target at Ascendiant Capital Markets

RenovoRx (NASDAQ:RNXT) had its price target upped by stock analysts at Ascendiant Capital Markets from $13.50 to $14.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Other equities research analysts also recently issued reports about the company. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of RenovoRx in a research note on Wednesday, April 8th. Wall Street Zen downgraded RenovoRx from a “hold” rating to a “strong sell” rating in a research note on Saturday, April 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, RenovoRx currently has an average rating of “Moderate Buy” and an average price target of $8.50.

RenovoRx Price Performance

Shares of NASDAQ RNXT opened at $0.91 on Monday. RenovoRx has a 12 month low of $0.70 and a 12 month high of $1.45. The company has a market cap of $41.01 million, a price-to-earnings ratio of -2.76 and a beta of 1.01. The business has a fifty day simple moving average of $0.94 and a 200-day simple moving average of $0.93.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.56 million during the quarter, compared to the consensus estimate of $0.47 million. RenovoRx had a negative return on equity of 135.03% and a negative net margin of 823.98%. As a group, sell-side analysts expect that RenovoRx will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Bleichroeder LP increased its position in RenovoRx by 11.4% in the 4th quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock worth $504,000 after purchasing an additional 61,379 shares during the last quarter. Geode Capital Management LLC increased its position in 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 during the last quarter. XTX Topco Ltd increased its position in RenovoRx by 58.6% in the 4th quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock worth $42,000 after purchasing an additional 18,525 shares during the last quarter. Wealthspire Advisors LLC acquired a new position in RenovoRx in the 4th quarter worth about $212,000. Finally, Citadel Advisors LLC acquired a new position in RenovoRx in the 3rd quarter worth about $154,000. 3.10% of the stock is owned by institutional investors and hedge funds.

RenovoRx Company Profile

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.