RenovoRx (NASDAQ:RNXT) Upgraded to “Hold” at Wall Street Zen

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

Several other equities research analysts have also weighed in on RNXT. Weiss Ratings raised shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 17th. Ascendiant Capital Markets lifted their price target on shares of RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a report on Monday, June 1st. One equities 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.com, RenovoRx currently has an average rating of “Moderate Buy” and an average target price of $8.50.

RenovoRx Price Performance

RenovoRx stock opened at $1.40 on Friday. The business has a 50 day simple moving average of $0.95 and a 200 day simple moving average of $0.94. The company has a market capitalization of $63.07 million, a PE ratio of -4.52 and a beta of 0.99. RenovoRx has a one year low of $0.70 and a one year high of $1.45.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share 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 return on equity of 138.07% and a negative net margin of 621.71%. Equities analysts anticipate that RenovoRx will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenovoRx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd raised its stake 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 during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of RenovoRx during the second quarter worth $98,000. Citadel Advisors LLC acquired a new position in shares of RenovoRx during the third quarter valued at $154,000. Wealthspire Advisors LLC acquired a new position in shares of RenovoRx during the fourth quarter valued at $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 during the last quarter. Institutional investors and hedge funds own 3.10% of the company’s stock.

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.