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

RenovoRx, Inc. (NASDAQ:RNXT) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totaling 673,558 shares, a growth of 55.7% from the August 31st total of 432,726 shares. Based on an average daily trading volume, of 2,055,813 shares, the short-interest ratio is presently 0.3 days. Currently, 1.6% of the shares of the company are sold short.

Analyst Ratings Changes

RNXT has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

RenovoRx Price Performance

Shares of RNXT stock opened at $1.58 on Friday. RenovoRx has a 1-year low of $0.70 and a 1-year high of $2.59. The company has a market cap of $71.31 million, a price-to-earnings ratio of -5.10 and a beta of 0.98. The stock has a 50 day simple moving average of $1.52 and a 200-day simple moving average of $1.13.

RenovoRx (NASDAQ:RNXT) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The firm 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%. Analysts anticipate that RenovoRx will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of RenovoRx

A hedge fund recently raised its stake in RenovoRx stock. AIGH Capital Management LLC increased its stake in shares of RenovoRx, Inc. (NASDAQ:RNXT) by 30.8% in the 1st quarter, according to the company in its most recent filing with the Securities & 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 approximately 0.5% of AIGH Capital Management LLC’s investment portfolio, making the stock its 28th biggest position. AIGH Capital Management LLC owned approximately 8.23% of RenovoRx worth $3,682,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 3.10% of the company’s stock.

RenovoRx Company Profile

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.