RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Up 524.1% in October

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HighTower Advisors LLC acquired a new position in RenovoRx in the first quarter valued at about $40,000. Northwestern Mutual Wealth Management Co. acquired a new position in RenovoRx in the second quarter valued at about $98,000. Chicago Partners Investment Group LLC acquired a new position in RenovoRx in the first quarter valued at about $97,000. Corsair Capital Management L.P. acquired a new position in RenovoRx in the first quarter valued at about $186,000. Finally, Stonepine Capital Management LLC acquired a new position in RenovoRx in the first quarter valued at about $275,000. Institutional investors and hedge funds own 3.10% of the company’s stock.

Analyst Ratings Changes

RNXT has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RenovoRx in a research report on Wednesday, October 8th. Wall Street Zen downgraded RenovoRx from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Finally, Ascendiant Capital Markets lifted their target price on RenovoRx from $11.50 to $12.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.50.

RenovoRx Stock Performance

RNXT opened at $1.05 on Thursday. The company has a market capitalization of $38.48 million, a P/E ratio of -2.76 and a beta of 1.30. The stock has a fifty day moving average of $1.16 and a 200-day moving average of $1.19. RenovoRx has a fifty-two week low of $0.75 and a fifty-two week high of $1.69.

RenovoRx (NASDAQ:RNXT) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.42 million during the quarter, compared to analyst estimates of $0.25 million. On average, equities research analysts predict that RenovoRx will post -0.4 earnings per share for the current fiscal year.

RenovoRx Company Profile

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.