RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Up 137.8% in August

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a significant increase in short interest during the month of August. As of August 14th, there was short interest totaling 674,017 shares, an increase of 137.8% from the July 30th total of 283,437 shares. Based on an average daily volume of 553,338 shares, the short-interest ratio is currently 1.2 days. Approximately 1.6% of the shares of the company are short sold.

Institutional Investors Weigh In On RenovoRx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AIGH Capital Management LLC increased its stake in RenovoRx by 30.8% in the first quarter. AIGH Capital Management LLC now owns 3,706,197 shares of the company’s stock valued at $3,682,000 after purchasing an additional 872,303 shares during the period. Bleichroeder LP increased its holdings in shares of RenovoRx by 11.4% in the 4th quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock valued at $504,000 after purchasing an additional 61,379 shares in the last quarter. Geode Capital Management LLC boosted its holdings in 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 buying an additional 31,730 shares in the last quarter. Wealthspire Advisors LLC acquired a new stake in shares of RenovoRx in the 4th quarter worth approximately $212,000. Finally, Citadel Advisors LLC purchased a new stake in RenovoRx during the third quarter worth $154,000. 3.10% of the stock is currently owned by institutional investors and hedge funds.

RenovoRx Stock Up 9.8%

Shares of NASDAQ RNXT traded up $0.14 during trading on Friday, hitting $1.62. The company had a trading volume of 641,984 shares, compared to its average volume of 338,293. The stock has a fifty day simple moving average of $1.04 and a two-hundred day simple moving average of $0.96. RenovoRx has a fifty-two week low of $0.70 and a fifty-two week high of $1.64. The firm has a market capitalization of $73.34 million, a price-to-earnings ratio of -5.24 and a beta of 0.99.

RenovoRx (NASDAQ:RNXT) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $0.91 million during the quarter, compared to analyst estimates of $0.70 million. RenovoRx had a negative return on equity of 135.11% and a negative net margin of 621.71%. On average, analysts anticipate that RenovoRx will post -0.25 earnings per share for the current year.

Wall Street Analyst Weigh In

RNXT has been the topic of several recent research reports. Ascendiant Capital Markets upped their price target on RenovoRx from $13.50 to $14.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Weiss Ratings cut RenovoRx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 18th. Finally, Wall Street Zen upgraded shares of RenovoRx from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $8.50.

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.