Wall Street Zen Downgrades RenovoRx (NASDAQ:RNXT) to Strong Sell

RenovoRx (NASDAQ:RNXT) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “strong sell” rating in a report released on Saturday.

Other analysts have also recently issued reports about the stock. JonesTrading upgraded shares of RenovoRx to a “strong-buy” rating in a research note on Thursday, January 29th. Weiss Ratings restated a “sell (e+)” rating on shares of RenovoRx in a research note on Monday, December 29th. Finally, Ascendiant Capital Markets raised their price target on shares of RenovoRx from $12.50 to $13.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, RenovoRx presently has an average rating of “Moderate Buy” and an average target price of $8.00.

RenovoRx Price Performance

RNXT opened at $0.98 on Friday. RenovoRx has a fifty-two week low of $0.70 and a fifty-two week high of $1.45. The business has a 50-day moving average of $0.95 and a 200-day moving average of $1.00. The company has a market capitalization of $44.15 million, a PE ratio of -3.06 and a beta of 1.22.

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

Institutional Investors Weigh In On RenovoRx

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AIGH Capital Management LLC boosted its position in RenovoRx by 8.4% during the fourth quarter. AIGH Capital Management LLC now owns 2,833,894 shares of the company’s stock worth $2,380,000 after purchasing an additional 218,701 shares during the period. Bleichroeder LP raised its position in shares of RenovoRx by 11.4% in 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 during the period. Geode Capital Management LLC raised its position 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 purchasing an additional 31,730 shares during the period. Wealthspire Advisors LLC acquired a new stake in shares of RenovoRx in the fourth quarter worth $212,000. Finally, Citadel Advisors LLC acquired a new stake in shares of RenovoRx in the third quarter worth $154,000. 3.10% of the stock is currently owned by institutional investors and hedge funds.

About RenovoRx

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.