RenovoRx (NASDAQ:RNXT) Price Target Raised to $13.50 at Ascendiant Capital Markets

RenovoRx (NASDAQ:RNXT) had its price objective boosted by Ascendiant Capital Markets from $13.00 to $13.50 in a research note released on Thursday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

A number of other brokerages have also weighed in on RNXT. Weiss Ratings reiterated a “sell (e+)” rating on shares of RenovoRx in a research report on Monday, December 29th. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of RenovoRx in a research report on Wednesday. JonesTrading upgraded RenovoRx to a “strong-buy” rating in a research report on Thursday, January 29th. Finally, Wall Street Zen lowered RenovoRx from a “hold” rating to a “strong sell” rating in a research report on Saturday, April 4th. One investment 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.25.

RenovoRx Price Performance

RNXT opened at $0.98 on Thursday. The stock’s 50 day simple moving average is $0.95 and its 200 day simple moving average is $0.99. RenovoRx has a 1 year low of $0.70 and a 1 year high of $1.45. The firm has a market cap of $44.08 million, a price-to-earnings ratio of -3.06 and a beta of 1.22.

RenovoRx (NASDAQ:RNXT) last posted its quarterly earnings results on Monday, March 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). RenovoRx had a negative return on equity of 119.77% and a negative net margin of 994.48%.The business had revenue of $0.24 million for the quarter, compared to analyst estimates of $0.42 million. During the same period last year, the company earned ($0.40) EPS. As a group, sell-side analysts anticipate that RenovoRx will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd lifted its stake in shares of RenovoRx by 58.6% in the 4th quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock valued at $42,000 after purchasing an additional 18,525 shares during the period. Bleichroeder LP lifted its stake in shares of RenovoRx by 11.4% in the 4th 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. Wealthspire Advisors LLC purchased a new position in shares of RenovoRx in the 4th quarter valued at approximately $212,000. AIGH Capital Management LLC lifted its stake in shares of RenovoRx by 8.4% in the 4th quarter. AIGH Capital Management LLC now owns 2,833,894 shares of the company’s stock valued at $2,380,000 after purchasing an additional 218,701 shares during the period. Finally, Citadel Advisors LLC purchased a new position in shares of RenovoRx in the 3rd quarter valued at approximately $154,000. Hedge funds and other institutional investors own 3.10% of the company’s stock.

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.