RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Up 54.8% in August

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 134,400 shares, anincreaseof54.8% from the July 31st total of 86,800 shares. Currently,0.4% of the company’s stock are short sold. Based on an average daily volume of 183,000 shares, the days-to-cover ratio is presently 0.7 days. Based on an average daily volume of 183,000 shares, the days-to-cover ratio is presently 0.7 days. Currently,0.4% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of RenovoRx from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Ascendiant Capital Markets boosted their target price on RenovoRx from $11.50 to $12.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of RenovoRx in a report on Monday, May 19th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, RenovoRx presently has a consensus rating of “Buy” and an average target price of $7.50.

Hedge Funds Weigh In On RenovoRx

A number of institutional investors and hedge funds have recently bought and sold shares of RNXT. Northwestern Mutual Wealth Management Co. acquired a new position in shares of RenovoRx during the second quarter valued at $98,000. Geode Capital Management LLC lifted its stake in 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. AWM Investment Company Inc. acquired a new position in RenovoRx in the first quarter valued at about $2,262,000. Alyeska Investment Group L.P. acquired a new position in RenovoRx in the first quarter valued at about $682,000. Finally, ADAR1 Capital Management LLC raised its holdings in shares of RenovoRx by 143.3% during the first quarter. ADAR1 Capital Management LLC now owns 479,883 shares of the company’s stock worth $475,000 after acquiring an additional 282,633 shares during the period. Institutional investors and hedge funds own 3.10% of the company’s stock.

RenovoRx Stock Down 8.0%

RenovoRx stock traded down $0.10 during trading hours on Monday, hitting $1.14. The stock had a trading volume of 307,785 shares, compared to its average volume of 176,361. RenovoRx has a fifty-two week low of $0.75 and a fifty-two week high of $1.69. The company has a market cap of $41.82 million, a PE ratio of -3.07 and a beta of 1.24. The company has a 50-day moving average of $1.18 and a two-hundred day moving average of $1.12.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.42 million for the quarter, compared to analyst estimates of $0.25 million. As a group, analysts forecast that RenovoRx will post -0.4 EPS for the current fiscal year.

RenovoRx Company Profile

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.