Insider Buying: RenovoRx (NASDAQ:RNXT) CFO Buys 25,000 Shares of Stock

RenovoRx, Inc. (NASDAQ:RNXT) CFO Mark Voll purchased 25,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was bought at an average cost of $0.79 per share, for a total transaction of $19,750.00. Following the acquisition, the chief financial officer directly owned 142,380 shares of the company’s stock, valued at $112,480.20. This represents a 21.30% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

RenovoRx Stock Performance

Shares of NASDAQ:RNXT opened at $0.81 on Thursday. The company has a market capitalization of $36.54 million, a PE ratio of -2.45 and a beta of 1.00. The stock has a fifty day moving average of $0.94 and a 200-day moving average of $0.94. RenovoRx, Inc. has a one year low of $0.70 and a one year high of $1.45.

RenovoRx (NASDAQ:RNXT) last announced its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). RenovoRx had a negative return on equity of 135.03% and a negative net margin of 823.98%.The company had revenue of $0.56 million for the quarter, compared to analyst estimates of $0.47 million. As a group, research analysts forecast that RenovoRx, Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On RenovoRx

Several institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd lifted its position in shares of RenovoRx by 58.6% in the fourth quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock worth $42,000 after purchasing an additional 18,525 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $467,000 after purchasing an additional 31,730 shares in the last quarter. Bleichroeder LP grew its position in RenovoRx by 11.4% during the fourth 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. Northwestern Mutual Wealth Management Co. acquired a new position in RenovoRx in the 2nd quarter valued at approximately $98,000. Finally, Citadel Advisors LLC purchased a new stake in RenovoRx in the 3rd quarter worth approximately $154,000. Hedge funds and other institutional investors own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on RNXT. Wall Street Zen lowered shares of RenovoRx from a “hold” rating to a “strong sell” rating in a research note on Saturday, April 4th. HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of RenovoRx in a research report on Wednesday, April 8th. JonesTrading upgraded shares of RenovoRx to a “strong-buy” rating in a report on Thursday, January 29th. Finally, Ascendiant Capital Markets upped their price target on shares of RenovoRx from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Thursday, April 9th. One equities research 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 MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $8.25.

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.