Wall Street Zen Upgrades RenovoRx (NASDAQ:RNXT) to Sell

RenovoRx (NASDAQ:RNXT) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other analysts have also recently issued reports on the stock. Weiss Ratings cut shares of RenovoRx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of RenovoRx in a research report on Wednesday, April 8th. Finally, Ascendiant Capital Markets lifted their target price on RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, RenovoRx currently has an average rating of “Moderate Buy” and a consensus target price of $8.50.

RenovoRx Stock Performance

RNXT opened at $0.87 on Friday. The company’s 50 day simple moving average is $0.90 and its 200 day simple moving average is $0.93. RenovoRx has a 1 year low of $0.70 and a 1 year high of $1.45. The stock has a market capitalization of $38.98 million, a PE ratio of -2.62 and a beta of 0.99.

RenovoRx (NASDAQ:RNXT) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.56 million during the quarter, compared to analyst estimates of $0.47 million. RenovoRx had a negative net margin of 823.98% and a negative return on equity of 135.03%. As a group, sell-side analysts expect that RenovoRx will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. AIGH Capital Management LLC grew its stake in RenovoRx by 30.8% during the first quarter. AIGH Capital Management LLC now owns 3,706,197 shares of the company’s stock worth $3,682,000 after buying an additional 872,303 shares during the period. Bleichroeder LP increased its position in shares of RenovoRx by 11.4% in the fourth quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock worth $504,000 after acquiring an additional 61,379 shares in the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 31,730 shares during the period. XTX Topco Ltd raised its stake in shares of RenovoRx by 58.6% in the 4th quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock valued at $42,000 after acquiring an additional 18,525 shares during the period. Finally, Wealthspire Advisors LLC purchased a new position in shares of RenovoRx in the 4th quarter valued at $212,000. Hedge funds and other institutional investors own 3.10% of the company’s stock.

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.