RenovoRx (NASDAQ:RNXT) Trading Down 2.4% – Time to Sell?

RenovoRx, Inc. (NASDAQ:RNXT) was down 2.4% during mid-day trading on Thursday . The stock traded as low as $0.93 and last traded at $0.93. Approximately 305,746 shares traded hands during trading, an increase of 8% from the average session volume of 284,186 shares. The stock had previously closed at $0.9530.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Weiss Ratings raised RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 8th. Wall Street Zen lowered RenovoRx from a “hold” rating to a “strong sell” rating in a research note on Saturday, April 4th. Ascendiant Capital Markets increased their target price on RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a report on Monday, June 1st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of RenovoRx in a research note on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

RenovoRx Trading Down 2.4%

The stock’s fifty day moving average is $0.90 and its 200 day moving average is $0.93. The company has a market capitalization of $41.94 million, a P/E ratio of -2.82 and a beta of 1.01.

RenovoRx (NASDAQ:RNXT) last announced its quarterly 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 net margin of 823.98% and a negative return on equity of 135.03%. The business had revenue of $0.56 million for the quarter, compared to analyst estimates of $0.47 million. On average, analysts expect that RenovoRx, Inc. will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. XTX Topco Ltd lifted its holdings in RenovoRx by 58.6% in the 4th quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock worth $42,000 after buying an additional 18,525 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in shares of RenovoRx during the second quarter valued at approximately $98,000. Citadel Advisors LLC purchased a new stake in RenovoRx in the third quarter worth $154,000. Wealthspire Advisors LLC purchased a new stake in RenovoRx in the fourth quarter worth $212,000. Finally, Geode Capital Management LLC boosted its holdings in RenovoRx by 9.9% in the second quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock valued at $467,000 after acquiring an additional 31,730 shares in the last quarter. Hedge funds and other institutional investors own 3.10% of the company’s stock.

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.