Wall Street Zen Upgrades RenovoRx (NASDAQ:RNXT) to “Hold”

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

RNXT has been the subject of several other research reports. Ascendiant Capital Markets raised their target price on RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Weiss Ratings upgraded shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 17th. One 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 company has a consensus rating of “Moderate Buy” and an average target price of $8.50.

RenovoRx Price Performance

RNXT opened at $1.40 on Friday. The business has a 50 day moving average price of $0.95 and a two-hundred day moving average price of $0.94. The company has a market capitalization of $63.07 million, a price-to-earnings ratio of -4.52 and a beta of 0.99. RenovoRx has a 1-year low of $0.70 and a 1-year high of $1.45.

RenovoRx (NASDAQ:RNXT) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. RenovoRx had a negative return on equity of 138.07% and a negative net margin of 621.71%.The company had revenue of $0.91 million for the quarter, compared to analysts’ expectations of $0.70 million. Equities analysts expect that RenovoRx will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On RenovoRx

A number of hedge funds have recently modified their holdings of the stock. XTX Topco Ltd raised its position in shares of RenovoRx by 58.6% during the fourth quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock worth $42,000 after purchasing an additional 18,525 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of RenovoRx in the 2nd quarter valued at $98,000. Citadel Advisors LLC purchased a new position in RenovoRx in the 3rd quarter worth about $154,000. Wealthspire Advisors LLC purchased a new position in RenovoRx in the 4th quarter worth about $212,000. Finally, Geode Capital Management LLC increased its stake in RenovoRx by 9.9% in the 2nd quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock worth $467,000 after purchasing an additional 31,730 shares in the last quarter. 3.10% of the stock is currently owned by institutional investors and hedge funds.

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.