RenovoRx (NASDAQ:RNXT) Raised to “Strong-Buy” at Jones Trading

RenovoRx (NASDAQ:RNXT) was upgraded by equities research analysts at Jones Trading to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings restated a “sell (e+)” rating on shares of RenovoRx in a research note on Monday, December 29th. Ascendiant Capital Markets boosted their target price on shares of RenovoRx from $12.00 to $12.50 and gave the company a “buy” rating in a research report on Friday, November 21st. Finally, Wall Street Zen downgraded shares of RenovoRx from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.75.

RenovoRx Trading Up 8.3%

Shares of RNXT opened at $1.04 on Thursday. The firm has a fifty day simple moving average of $0.94 and a two-hundred day simple moving average of $1.06. The firm has a market cap of $38.12 million, a PE ratio of -2.89 and a beta of 1.31. RenovoRx has a 1-year low of $0.70 and a 1-year high of $1.50.

RenovoRx (NASDAQ:RNXT) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.27 million for the quarter, compared to the consensus estimate of $0.41 million. RenovoRx had a negative return on equity of 122.19% and a negative net margin of 1,196.66%. As a group, research analysts forecast that RenovoRx will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On RenovoRx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNXT. Geode Capital Management LLC lifted 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 valued at $467,000 after purchasing an additional 31,730 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of RenovoRx during the 2nd quarter valued at $98,000. Finally, Citadel Advisors LLC bought a new stake in shares of RenovoRx during the 3rd quarter valued at $154,000. 3.10% of the stock is owned by hedge funds and other institutional investors.

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.