RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Down 35.8% in August

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

RenovoRx Stock Down 2.3%

RenovoRx stock opened at $1.69 on Friday. The stock has a market cap of $76.27 million, a PE ratio of -5.45 and a beta of 1.12. RenovoRx has a 12-month low of $0.70 and a 12-month high of $2.59. The business’s 50-day moving average price is $1.37 and its two-hundred day moving average price is $1.08.

RenovoRx (NASDAQ:RNXT) last posted its earnings results on Wednesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $0.91 million during the quarter, compared to analysts’ expectations of $0.70 million. RenovoRx had a negative net margin of 621.71% and a negative return on equity of 135.11%. As a group, analysts expect that RenovoRx will post -0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Ascendiant Capital Markets boosted their price objective on shares of RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Institutional Trading of RenovoRx

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 owned by hedge funds and other institutional investors.

RenovoRx Company Profile

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.