RenovoRx (NASDAQ:RNXT) Receives “Buy” Rating from HC Wainwright

RenovoRx (NASDAQ:RNXT)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $3.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 218.47% from the company’s previous close.

A number of other equities analysts also recently weighed in on RNXT. Wall Street Zen downgraded RenovoRx from a “hold” rating to a “strong sell” rating in a research report on Saturday. JonesTrading raised RenovoRx to a “strong-buy” rating in a research report on Thursday, January 29th. Ascendiant Capital Markets upped their target price on RenovoRx from $12.50 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RenovoRx in a research report on Monday, December 29th. One 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

RenovoRx Price Performance

NASDAQ RNXT traded up $0.04 during trading on Wednesday, reaching $0.94. 92,278 shares of the company’s stock were exchanged, compared to its average volume of 341,582. The business has a 50 day moving average price of $0.95 and a 200-day moving average price of $0.99. The stock has a market capitalization of $42.44 million, a P/E ratio of -2.93 and a beta of 1.22. RenovoRx has a fifty-two week low of $0.70 and a fifty-two week high of $1.45.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.24 million for the quarter, compared to the consensus estimate of $0.42 million. RenovoRx had a negative return on equity of 105.11% and a negative net margin of 994.48%.During the same quarter in the previous year, the business earned ($0.40) earnings per share. On average, analysts forecast that RenovoRx will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On RenovoRx

Several institutional investors have recently made changes to their positions in RNXT. Geode Capital Management LLC boosted its stake in shares of RenovoRx by 9.9% in the second quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock valued at $467,000 after buying an additional 31,730 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in shares of RenovoRx in the second quarter valued at approximately $98,000. Citadel Advisors LLC bought a new stake in shares of RenovoRx in the third quarter valued at approximately $154,000. AIGH Capital Management LLC boosted its stake in shares of RenovoRx by 8.4% in the fourth quarter. AIGH Capital Management LLC now owns 2,833,894 shares of the company’s stock valued at $2,380,000 after buying an additional 218,701 shares during the period. Finally, Wealthspire Advisors LLC bought a new stake in shares of RenovoRx in the fourth quarter valued at approximately $212,000. 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.