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

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 432,726 shares, a drop of 35.8% from the August 15th total of 674,017 shares. Approximately 1.1% of the company’s stock are sold short. Based on an average trading volume of 903,872 shares, the days-to-cover ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on RNXT shares. Weiss Ratings upgraded shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Ascendiant Capital Markets lifted their price target on shares of RenovoRx from $13.50 to $14.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, Wall Street Zen raised RenovoRx from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, RenovoRx presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

RenovoRx Stock Performance

Shares of NASDAQ:RNXT traded down $0.04 during trading on Friday, reaching $1.69. 228,328 shares of the stock were exchanged, compared to its average volume of 458,918. The firm has a market cap of $76.45 million, a price-to-earnings ratio of -5.45 and a beta of 1.12. The firm’s 50-day moving average price is $1.35 and its 200 day moving average price is $1.07. RenovoRx has a 12-month low of $0.70 and a 12-month high of $2.59.

RenovoRx (NASDAQ:RNXT) last posted its earnings results on Wednesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $0.91 million for the quarter, compared to analysts’ expectations of $0.70 million. RenovoRx had a negative net margin of 621.71% and a negative return on equity of 135.11%. As a group, equities research analysts forecast that RenovoRx will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in RenovoRx stock. AIGH Capital Management LLC increased its stake in RenovoRx, Inc. (NASDAQ:RNXT) by 30.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,706,197 shares of the company’s stock after purchasing an additional 872,303 shares during the period. RenovoRx accounts for 0.5% of AIGH Capital Management LLC’s portfolio, making the stock its 28th largest position. AIGH Capital Management LLC owned approximately 8.23% of RenovoRx worth $3,682,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 3.10% of the company’s stock.

About RenovoRx

RenovoRx, Inc is a clinical-stage biopharmaceutical company focused on developing targeted treatments for difficult-to-treat solid tumors. The company’s approach is designed to deliver cancer therapies directly to tumors through the arterial blood supply, with the goal of improving local drug exposure while limiting systemic toxicity.

RenovoRx’s lead technology is Trans-Arterial Micro-Perfusion (TAMP), which uses the company’s RenovoCath delivery system to administer therapeutic agents directly into tumor tissue.