RenovoRx (NASDAQ:RNXT) Upgraded to Strong-Buy at Jones Trading

RenovoRx (NASDAQ:RNXT) was upgraded by research analysts at Jones Trading to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

RNXT has been the subject of a number of other reports. Wall Street Zen downgraded RenovoRx from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Ascendiant Capital Markets raised their price target on shares of RenovoRx from $12.00 to $12.50 and gave the stock a “buy” rating in a research note on Friday, November 21st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of RenovoRx in a report on Monday, December 29th. One research 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

RenovoRx Stock Performance

Shares of RNXT opened at $1.04 on Thursday. The firm has a market cap of $38.12 million, a P/E ratio of -2.89 and a beta of 1.31. RenovoRx has a twelve month low of $0.70 and a twelve month high of $1.50. The firm’s 50 day moving average price is $0.94 and its two-hundred day moving average price is $1.06.

RenovoRx (NASDAQ:RNXT) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.41 million. RenovoRx had a negative net margin of 1,196.66% and a negative return on equity of 122.19%. On average, sell-side analysts anticipate that RenovoRx will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenovoRx

A number of institutional investors and hedge funds have recently modified their holdings of RNXT. Geode Capital Management LLC increased its position in RenovoRx by 9.9% during the second quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock worth $467,000 after buying an additional 31,730 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in RenovoRx in the 2nd quarter valued at $98,000. Finally, Citadel Advisors LLC acquired a new position in RenovoRx in the 3rd quarter valued at $154,000. 3.10% of the stock is owned by institutional investors.

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.