Ascendiant Capital Markets Forecasts Strong Price Appreciation for RenovoRx (NASDAQ:RNXT) Stock

RenovoRx (NASDAQ:RNXT) had its price objective boosted by equities research analysts at Ascendiant Capital Markets from $12.50 to $13.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a research report on Saturday. Jones Trading upgraded RenovoRx to a “strong-buy” rating in a research note on Thursday, January 29th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RenovoRx in a report on Monday, December 29th. One equities research 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.00.

RenovoRx Price Performance

Shares of RenovoRx stock opened at $0.93 on Tuesday. The stock has a market cap of $34.21 million, a price-to-earnings ratio of -2.59 and a beta of 1.31. RenovoRx has a 1 year low of $0.70 and a 1 year high of $1.45. The firm’s 50-day moving average is $0.96 and its 200 day moving average is $1.04.

Institutional Trading of RenovoRx

Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. purchased a new stake in RenovoRx during the second quarter valued at approximately $98,000. Citadel Advisors LLC bought a new stake in shares of RenovoRx during the 3rd quarter valued at $154,000. Wealthspire Advisors LLC purchased a new stake in shares of RenovoRx in the 4th quarter worth $212,000. Geode Capital Management LLC raised its holdings 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 during the period. Finally, Bleichroeder LP lifted its position in RenovoRx by 11.4% during the fourth quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock valued at $504,000 after purchasing an additional 61,379 shares in the last quarter. 3.10% of the stock is currently 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.