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

RenovoRx, Inc. (NASDAQ:RNXT) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 432,726 shares, a drop of 35.8% from the August 15th total of 674,017 shares. Based on an average trading volume of 903,872 shares, the short-interest ratio is currently 0.5 days. Approximately 1.1% of the shares of the stock are sold short.

RenovoRx Stock Up 11.5%

Shares of RNXT stock traded up $0.18 during trading hours on Thursday, reaching $1.73. The company’s stock had a trading volume of 422,630 shares, compared to its average volume of 459,018. RenovoRx has a fifty-two week low of $0.70 and a fifty-two week high of $2.59. The firm’s 50 day simple moving average is $1.34 and its 200-day simple moving average is $1.07. The company has a market capitalization of $77.98 million, a price-to-earnings ratio of -5.58 and a beta of 1.12.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings data 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. The business had revenue of $0.91 million during the quarter, compared to the consensus estimate of $0.70 million. RenovoRx had a negative return on equity of 135.11% and a negative net margin of 621.71%. Sell-side analysts predict that RenovoRx will post -0.24 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on RNXT shares. Ascendiant Capital Markets lifted their price objective on RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a report on Monday, June 1st. Weiss Ratings raised RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Finally, Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. One investment 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.com, RenovoRx currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

Institutional Inflows and Outflows

An institutional investor recently raised its position in RenovoRx stock. AIGH Capital Management LLC grew its position in RenovoRx, Inc. (NASDAQ:RNXT) by 30.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,706,197 shares of the company’s stock after acquiring an additional 872,303 shares during the period. RenovoRx accounts for approximately 0.5% of AIGH Capital Management LLC’s investment portfolio, making the stock its 28th biggest position. AIGH Capital Management LLC owned 8.23% of RenovoRx worth $3,682,000 at the end of the most recent reporting period. 3.10% of the stock is currently owned by institutional investors and hedge funds.

About RenovoRx

RenovoRx, Inc is a clinical-stage biopharmaceutical company focused on developing targeted treatments for difficult-to-treat solid tumors. The company’s approach is designed to deliver cancer therapies directly to tumors through the arterial blood supply, with the goal of improving local drug exposure while limiting systemic toxicity.

RenovoRx’s lead technology is Trans-Arterial Micro-Perfusion (TAMP), which uses the company’s RenovoCath delivery system to administer therapeutic agents directly into tumor tissue.