Jones Trading Upgrades RenovoRx (NASDAQ:RNXT) to “Strong-Buy”

RenovoRx (NASDAQ:RNXT) was upgraded by equities research analysts at Jones Trading to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Wall Street Zen lowered shares of RenovoRx from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Ascendiant Capital Markets raised their target price on shares of RenovoRx from $12.00 to $12.50 and gave the stock a “buy” rating in a report on Friday, November 21st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RenovoRx in a research note on Monday, December 29th. One investment 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.75.

RenovoRx Trading Up 8.3%

NASDAQ RNXT opened at $1.04 on Thursday. RenovoRx has a 52 week low of $0.70 and a 52 week high of $1.50. The stock has a market cap of $38.12 million, a price-to-earnings ratio of -2.89 and a beta of 1.31. The company has a 50-day moving average price of $0.94 and a two-hundred day moving average price of $1.06.

RenovoRx (NASDAQ:RNXT) last announced its earnings results on Thursday, November 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). RenovoRx had a negative net margin of 1,196.66% and a negative return on equity of 122.19%. The firm had revenue of $0.27 million during the quarter, compared to analyst estimates of $0.41 million. As a group, equities research analysts expect that RenovoRx will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of RenovoRx

Several hedge funds and other institutional investors have recently bought and sold shares of RNXT. Geode Capital Management LLC boosted its stake in shares of RenovoRx by 9.9% in the 2nd 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. Citadel Advisors LLC acquired a new position in RenovoRx during the 3rd quarter worth $154,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in RenovoRx in the second quarter worth about $98,000. 3.10% of the stock is currently owned by institutional investors and hedge funds.

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.