RenovoRx (NASDAQ:RNXT) Shares Cross Below 200-Day Moving Average – What’s Next?

RenovoRx, Inc. (NASDAQ:RNXT)’s share price passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $1.11 and traded as low as $1.0350. RenovoRx shares last traded at $1.04, with a volume of 815,148 shares.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNXT. Weiss Ratings upgraded RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. Wall Street Zen downgraded RenovoRx from a “hold” rating to a “sell” rating in a research report on Monday, November 9th. One investment 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

RenovoRx Trading Down 10.3%

The stock has a market cap of $50.18 million, a PE ratio of -3.35 and a beta of 1.12. The company’s 50 day moving average is $1.45 and its 200-day moving average is $1.11.

RenovoRx (NASDAQ:RNXT) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The firm had revenue of $1.07 million during the quarter, compared to analysts’ expectations of $1.06 million. RenovoRx had a negative net margin of 469.02% and a negative return on equity of 133.49%. As a group, analysts forecast that RenovoRx, Inc. will post -0.28 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its position in RenovoRx stock. State Street Corp boosted its holdings in RenovoRx, Inc. (NASDAQ:RNXT) by 501.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 314,636 shares of the company’s stock after purchasing an additional 262,332 shares during the period. State Street Corp owned about 0.65% of RenovoRx worth $491,000 at the end of the most recent reporting period. Institutional investors own 3.10% of the company’s stock.

About RenovoRx

RenovoRx, Inc. is a clinical-stage biopharmaceutical company developing treatments for solid tumors. Its approach is designed to deliver therapy directly to targeted tissue through the arteries that supply it, with the goal of limiting exposure to the rest of the body. The company’s platform includes RenovoCath, a catheter cleared by the U.S. Food and Drug Administration for the localized infusion of therapeutic agents. RenovoRx is also evaluating RenovoGem, a combination of its delivery approach and the chemotherapy drug gemcitabine, for patients with locally advanced pancreatic cancer.