Short Interest in RenovoRx, Inc. (NASDAQ:RNXT) Rises By 137.8%

RenovoRx, Inc. (NASDAQ:RNXT) saw a large increase in short interest during the month of August. As of August 14th, there was short interest totaling 674,017 shares, an increase of 137.8% from the July 30th total of 283,437 shares. Based on an average daily volume of 553,338 shares, the days-to-cover ratio is currently 1.2 days. Currently, 1.6% of the shares of the stock are sold short.

RenovoRx Trading Up 12.8%

Shares of RNXT stock traded up $0.19 during mid-day trading on Friday, reaching $1.67. The stock had a trading volume of 1,009,100 shares, compared to its average volume of 577,839. RenovoRx has a 12-month low of $0.70 and a 12-month high of $1.68. The company has a market cap of $75.37 million, a P/E ratio of -5.39 and a beta of 0.99. The business has a 50-day simple moving average of $1.05 and a 200 day simple moving average of $0.97.

RenovoRx (NASDAQ:RNXT) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. RenovoRx had a negative net margin of 621.71% and a negative return on equity of 135.11%. The business had revenue of $0.91 million for the quarter, compared to analyst estimates of $0.70 million. Research analysts anticipate that RenovoRx will post -0.25 EPS for the current year.

Hedge Funds Weigh In On RenovoRx

A number of institutional investors have recently made changes to their positions in the stock. AIGH Capital Management LLC increased its position in RenovoRx by 30.8% during the 1st quarter. AIGH Capital Management LLC now owns 3,706,197 shares of the company’s stock worth $3,682,000 after purchasing an additional 872,303 shares in the last quarter. Bleichroeder LP lifted its stake in shares of RenovoRx by 11.4% during the fourth quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock valued at $504,000 after buying an additional 61,379 shares during the period. Geode Capital Management LLC boosted its position in RenovoRx by 9.9% during the second quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock worth $467,000 after acquiring an additional 31,730 shares during the last quarter. Wealthspire Advisors LLC purchased a new stake in RenovoRx in the 4th quarter worth approximately $212,000. Finally, Citadel Advisors LLC purchased a new stake in RenovoRx in the 3rd quarter worth approximately $154,000. 3.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings lowered RenovoRx from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 18th. Finally, Ascendiant Capital Markets lifted their price objective on RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 1st. One 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $8.50.

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.