RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Update

RenovoRx, Inc. (NASDAQ:RNXT) saw 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. Approximately 1.9% of the shares of the stock are short sold. Based on an average trading volume of 304,230 shares, the days-to-cover ratio is presently 2.0 days.

Hedge Funds Weigh In On RenovoRx

Several hedge funds and other institutional investors have recently modified their holdings of RNXT. Wealthspire Advisors LLC purchased a new position in shares of RenovoRx in the fourth quarter worth about $212,000. AIGH Capital Management LLC grew its stake in 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 acquiring an additional 218,701 shares in the last quarter. Citadel Advisors LLC acquired a new stake in RenovoRx in the 3rd quarter valued at about $154,000. Northwestern Mutual Wealth Management Co. purchased a new position in RenovoRx in the 2nd quarter worth approximately $98,000. Finally, Bleichroeder LP lifted its stake in RenovoRx by 11.4% in the 4th 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 hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RNXT shares. JonesTrading upgraded shares of RenovoRx to a “strong-buy” rating in a research report on Thursday, January 29th. Wall Street Zen upgraded shares of RenovoRx from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Ascendiant Capital Markets raised their price target on shares of RenovoRx from $12.50 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of RenovoRx in a report on Monday, December 29th. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.00.

RenovoRx Trading Down 2.6%

RNXT stock traded down $0.03 during midday trading on Friday, reaching $1.13. The stock had a trading volume of 531,910 shares, compared to its average volume of 490,392. The company’s fifty day simple moving average is $0.95 and its 200 day simple moving average is $1.01. The company has a market cap of $41.41 million, a price-to-earnings ratio of -3.14 and a beta of 1.34. RenovoRx has a 52-week low of $0.70 and a 52-week high of $1.45.

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.