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

RenovoRx (NASDAQ:RNXT) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Saturday.

Several other brokerages also recently issued reports on RNXT. Ascendiant Capital Markets upped their target price on shares of RenovoRx from $13.50 to $14.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of RenovoRx in a research report on Wednesday, April 8th. Finally, Weiss Ratings lowered shares of RenovoRx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, RenovoRx currently has an average rating of “Moderate Buy” and an average target price of $8.50.

RenovoRx Stock Down 1.8%

RenovoRx stock opened at $0.87 on Friday. RenovoRx has a twelve month low of $0.70 and a twelve month high of $1.45. The company has a market capitalization of $38.98 million, a P/E ratio of -2.62 and a beta of 0.99. The stock’s 50 day moving average is $0.90 and its 200 day moving average is $0.93.

RenovoRx (NASDAQ:RNXT) last released its earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.56 million for the quarter, compared to analysts’ expectations of $0.47 million. RenovoRx had a negative return on equity of 135.03% and a negative net margin of 823.98%. As a group, equities analysts expect that RenovoRx will post -0.31 EPS for the current 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 raised its stake in RenovoRx by 30.8% during the 1st quarter. AIGH Capital Management LLC now owns 3,706,197 shares of the company’s stock valued at $3,682,000 after buying an additional 872,303 shares during the last quarter. Bleichroeder LP boosted 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 worth $504,000 after buying an additional 61,379 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 31,730 shares during the last quarter. Wealthspire Advisors LLC bought a new stake in shares of RenovoRx in the fourth quarter worth $212,000. Finally, Citadel Advisors LLC purchased a new stake in RenovoRx during the third quarter valued at $154,000. Hedge funds and other institutional investors own 3.10% of the company’s stock.

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.