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

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totaling 541,448 shares, a growth of 28.9% from the December 31st total of 419,908 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 473,407 shares, the days-to-cover ratio is presently 1.1 days. Based on an average daily trading volume, of 473,407 shares, the days-to-cover ratio is presently 1.1 days. Currently, 1.6% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of brokerages recently weighed in on RNXT. Ascendiant Capital Markets upped their price objective on RenovoRx from $12.00 to $12.50 and gave the stock a “buy” rating in a report on Friday, November 21st. Jones Trading raised shares of RenovoRx to a “strong-buy” rating in a research note on Thursday, January 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of RenovoRx in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded shares of RenovoRx from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

Institutional Investors Weigh In On RenovoRx

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position 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. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of RenovoRx during the second quarter valued at $98,000. Citadel Advisors LLC purchased a new stake in RenovoRx during the 3rd quarter worth about $154,000. Finally, AIGH Capital Management LLC raised its stake in RenovoRx by 8.4% in the 4th quarter. AIGH Capital Management LLC now owns 2,833,894 shares of the company’s stock valued at $2,380,000 after purchasing an additional 218,701 shares during the last quarter. Institutional investors and hedge funds own 3.10% of the company’s stock.

RenovoRx Stock Down 1.0%

RenovoRx stock opened at $1.01 on Wednesday. RenovoRx has a 52 week low of $0.70 and a 52 week high of $1.50. The firm’s 50-day simple moving average is $0.95 and its 200 day simple moving average is $1.06. The firm has a market capitalization of $37.02 million, a PE ratio of -2.81 and a beta of 1.31.

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

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.