RenovoRx (NASDAQ:RNXT) Trading Down 2.4% – Time to Sell?

RenovoRx, Inc. (NASDAQ:RNXT) dropped 2.4% during trading on Thursday . The stock traded as low as $0.93 and last traded at $0.93. 305,746 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 284,186 shares. The stock had previously closed at $0.9530.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of RenovoRx in a research note on Wednesday, April 8th. Ascendiant Capital Markets increased their price target 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. Weiss Ratings upgraded shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 8th. Finally, Wall Street Zen cut 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 given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $8.50.

RenovoRx Price Performance

The company has a market capitalization of $41.94 million, a PE ratio of -2.82 and a beta of 1.01. The company has a 50 day moving average of $0.90 and a two-hundred day moving average of $0.93.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.56 million during the quarter, compared to analyst estimates of $0.47 million. RenovoRx had a negative return on equity of 135.03% and a negative net margin of 823.98%. On average, equities analysts anticipate that RenovoRx, Inc. will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RNXT. Bleichroeder LP boosted its stake in RenovoRx by 11.4% during the fourth quarter. Bleichroeder LP now owns 600,000 shares of the company’s stock worth $504,000 after acquiring an additional 61,379 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of RenovoRx by 9.9% during 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 in the last quarter. XTX Topco Ltd increased its stake in shares of RenovoRx by 58.6% during the fourth 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 in the last quarter. Wealthspire Advisors LLC purchased a new position in shares of RenovoRx during the fourth quarter valued at approximately $212,000. Finally, Citadel Advisors LLC purchased a new position in shares of RenovoRx during the third quarter valued at approximately $154,000. 3.10% of the stock is owned by hedge funds and other institutional investors.

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.