RenovoRx (NASDAQ:RNXT) Rating Lowered to Sell at Wall Street Zen

RenovoRx (NASDAQ:RNXT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other equities analysts have also commented on the company. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of RenovoRx in a research report on Monday, May 19th. Ascendiant Capital Markets upped their target price on RenovoRx from $11.00 to $11.50 and gave the company a “buy” rating in a research report on Thursday, June 5th.

RenovoRx Stock Performance

RenovoRx stock opened at $1.21 on Friday. The stock’s 50 day moving average price is $1.32 and its 200 day moving average price is $1.16. The firm has a market capitalization of $44.25 million, a PE ratio of -3.03 and a beta of 1.27. RenovoRx has a one year low of $0.75 and a one year high of $1.69.

RenovoRx (NASDAQ:RNXT) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter, compared to analyst estimates of $0.23 million. On average, analysts forecast that RenovoRx will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In other RenovoRx news, insider Ramtin Agah bought 21,000 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were bought at an average cost of $1.40 per share, with a total value of $29,400.00. Following the transaction, the insider directly owned 734,460 shares in the company, valued at approximately $1,028,244. This trade represents a 2.94% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 9.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RenovoRx

Institutional investors have recently made changes to their positions in the business. AIGH Capital Management LLC bought a new stake in shares of RenovoRx in the 1st quarter valued at approximately $3,433,000. AWM Investment Company Inc. bought a new stake in shares of RenovoRx in the 1st quarter valued at approximately $2,262,000. Alyeska Investment Group L.P. bought a new stake in shares of RenovoRx in the 1st quarter valued at approximately $682,000. ADAR1 Capital Management LLC increased its holdings in shares of RenovoRx by 143.3% in the 1st quarter. ADAR1 Capital Management LLC now owns 479,883 shares of the company’s stock valued at $475,000 after acquiring an additional 282,633 shares during the last quarter. Finally, Stonepine Capital Management LLC bought a new stake in shares of RenovoRx in the 1st quarter valued at approximately $275,000. 3.10% of the stock is owned by institutional investors and hedge funds.

About RenovoRx

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.