RenovoRx, Inc. (NASDAQ:RNXT) Sees Large Increase in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 617,404 shares, an increase of 41.9% from the February 26th total of 435,099 shares. Based on an average daily volume of 304,230 shares, the short-interest ratio is presently 2.0 days. Currently, 1.9% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of brokerages have recently commented on RNXT. JonesTrading raised RenovoRx to a “strong-buy” rating in a research note on Thursday, January 29th. Wall Street Zen raised RenovoRx from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Ascendiant Capital Markets raised their price objective on shares of RenovoRx from $12.50 to $13.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of RenovoRx in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $8.00.

RenovoRx Stock Performance

Shares of RNXT stock traded down $0.06 on Monday, hitting $1.07. The company had a trading volume of 335,775 shares, compared to its average volume of 341,318. RenovoRx has a twelve month low of $0.70 and a twelve month high of $1.45. The firm has a market cap of $39.22 million, a P/E ratio of -2.97 and a beta of 1.34. The stock’s 50-day moving average is $0.95 and its two-hundred day moving average is $1.01.

Institutional Investors Weigh In On RenovoRx

Institutional investors have recently modified their holdings of the company. Wealthspire Advisors LLC acquired a new position in shares of RenovoRx in the 4th quarter valued at about $212,000. AIGH Capital Management LLC boosted its position in shares of RenovoRx by 8.4% during the 4th quarter. AIGH Capital Management LLC now owns 2,833,894 shares of the company’s stock valued at $2,380,000 after purchasing an additional 218,701 shares in the last quarter. Citadel Advisors LLC acquired a new stake in RenovoRx during the third quarter worth approximately $154,000. Northwestern Mutual Wealth Management Co. bought a new stake in RenovoRx in the second quarter worth approximately $98,000. Finally, Bleichroeder LP increased its holdings in RenovoRx by 11.4% in the fourth quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock worth $504,000 after purchasing an additional 61,379 shares in 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.