RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Update

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a significant increase in short interest in the month of August. As of August 14th, there was short interest totaling 674,017 shares, an increase of 137.8% from the July 30th total of 283,437 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 553,338 shares, the short-interest ratio is presently 1.2 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. XTX Topco Ltd increased 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 acquiring an additional 18,525 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in RenovoRx in the 2nd quarter valued at $98,000. Citadel Advisors LLC purchased a new position in RenovoRx in the third quarter valued at about $154,000. Wealthspire Advisors LLC acquired a new position in shares of RenovoRx during the fourth quarter worth about $212,000. Finally, Geode Capital Management LLC boosted its position in shares of RenovoRx by 9.9% in 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 during the period. Hedge funds and other institutional investors own 3.10% of the company’s stock.

Analysts Set New Price Targets

RNXT has been the topic of several recent research reports. Ascendiant Capital Markets boosted their price objective on shares of RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Weiss Ratings cut shares of RenovoRx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 18th. 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.50.

RenovoRx Stock Performance

RNXT traded up $0.19 on Friday, hitting $1.67. 1,009,100 shares of the company were exchanged, compared to its average volume of 577,839. RenovoRx has a fifty-two week low of $0.70 and a fifty-two week high of $1.68. The firm has a market capitalization of $75.37 million, a P/E ratio of -5.39 and a beta of 0.99. The business’s fifty day moving average is $1.05 and its 200 day moving average is $0.97.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. The company had revenue of $0.91 million for the quarter, compared to the consensus estimate of $0.70 million. RenovoRx had a negative net margin of 621.71% and a negative return on equity of 135.11%. Analysts forecast that RenovoRx will post -0.25 EPS for the current fiscal year.

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.