RenovoRx (NASDAQ:RNXT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of RenovoRx (NASDAQ:RNXT) from a sell rating to a hold rating in a research note published on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings upgraded RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.50.

RenovoRx Stock Performance

Shares of NASDAQ RNXT opened at $1.29 on Friday. The business’s 50-day moving average price is $1.56 and its two-hundred day moving average price is $1.11. RenovoRx has a one year low of $0.70 and a one year high of $2.59.

RenovoRx (NASDAQ:RNXT) last issued its earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. RenovoRx had a negative return on equity of 135.11% and a negative net margin of 621.71%. The company had revenue of $0.91 million for the quarter, compared to analyst estimates of $0.70 million. On average, sell-side analysts predict that RenovoRx will post -0.24 EPS for the current year.

Hedge Funds Weigh In On RenovoRx

An institutional investor recently raised its position in RenovoRx stock. AIGH Capital Management LLC raised its stake in shares of RenovoRx, Inc. (NASDAQ:RNXT) by 30.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,706,197 shares of the company’s stock after buying an additional 872,303 shares during the period. RenovoRx accounts for approximately 0.5% of AIGH Capital Management LLC’s portfolio, making the stock its 28th biggest holding. AIGH Capital Management LLC owned 8.23% of RenovoRx worth $3,682,000 as of its most recent SEC filing. Institutional investors and hedge funds own 3.10% of the company’s stock.

About RenovoRx

RenovoRx, Inc is a clinical-stage biopharmaceutical company developing targeted treatments for solid tumors. The company’s approach is based on its Trans-Arterial Micro-Perfusion (TAMP) platform, which is designed to deliver chemotherapy directly into tumor tissue through the arterial system while limiting exposure to surrounding healthy tissue.

RenovoRx’s lead investigational product, RenovoCath, is a localized drug-delivery system intended to support the administration of anticancer therapies to tumors.