RenovoRx (NASDAQ:RNXT) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen cut shares of RenovoRx (NASDAQ:RNXT) from a hold rating to a strong sell rating in a research report released on Saturday.

Several other research firms have also recently commented on RNXT. JonesTrading raised shares of RenovoRx to a “strong-buy” rating in a research report on Thursday, January 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of RenovoRx in a report on Monday, December 29th. Finally, Ascendiant Capital Markets lifted their price target on RenovoRx from $12.50 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.00.

RenovoRx Stock Performance

NASDAQ RNXT opened at $0.98 on Friday. The stock has a market cap of $44.15 million, a price-to-earnings ratio of -3.06 and a beta of 1.22. The business has a 50 day simple moving average of $0.95 and a 200 day simple moving average of $1.00. RenovoRx has a 52-week low of $0.70 and a 52-week high of $1.45.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.24 million for the quarter, compared to analyst estimates of $0.42 million. RenovoRx had a negative net margin of 994.48% and a negative return on equity of 105.11%. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. On average, analysts predict that RenovoRx will post -0.4 EPS for the current year.

Institutional Investors Weigh In On RenovoRx

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd raised its holdings in RenovoRx by 58.6% during 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. bought a new position in RenovoRx in the second quarter valued at approximately $98,000. Citadel Advisors LLC bought a new position in RenovoRx in the third quarter valued at approximately $154,000. Wealthspire Advisors LLC acquired a new position in shares of RenovoRx during the 4th quarter worth approximately $212,000. Finally, Geode Capital Management LLC increased its position in shares of RenovoRx by 9.9% during the 2nd quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock worth $467,000 after purchasing an additional 31,730 shares during the last quarter. 3.10% of the stock is owned by institutional investors.

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.