RenovoRx, Inc. (NASDAQ:RNXT) Stock Short Interest Rises 55.7%

RenovoRx, Inc. (NASDAQ:RNXT) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totaling 673,558 shares, an increase of 55.7% from the August 31st total of 432,726 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily trading volume, of 2,055,813 shares, the days-to-cover ratio is currently 0.3 days.

RenovoRx Stock Performance

RNXT opened at $1.55 on Friday. The stock has a market cap of $69.95 million, a price-to-earnings ratio of -5.00 and a beta of 0.98. The firm’s fifty day moving average is $1.50 and its 200 day moving average is $1.13. RenovoRx has a fifty-two week low of $0.70 and a fifty-two week high of $2.59.

RenovoRx (NASDAQ:RNXT) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $0.91 million during the quarter, compared to analyst estimates of $0.70 million. RenovoRx had a negative return on equity of 135.11% and a negative net margin of 621.71%. On average, equities research analysts predict that RenovoRx will post -0.24 earnings per share for the current year.

Analysts Set New Price Targets

RNXT has been the topic of a number of analyst reports. Wall Street Zen raised RenovoRx from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $8.50.

Institutional Trading of RenovoRx

An institutional investor recently raised its stake in RenovoRx stock. AIGH Capital Management LLC boosted its holdings in shares of RenovoRx, Inc. (NASDAQ:RNXT) by 30.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,706,197 shares of the company’s stock after purchasing an additional 872,303 shares during the quarter. RenovoRx comprises 0.5% of AIGH Capital Management LLC’s portfolio, making the stock its 28th biggest holding. AIGH Capital Management LLC owned 8.23% of RenovoRx worth $3,682,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 3.10% of the company’s stock.

RenovoRx Company Profile

RenovoRx, Inc is a clinical-stage biopharmaceutical company focused on developing targeted treatments for difficult-to-treat solid tumors. The company’s approach is designed to deliver cancer therapies directly to tumors through the arterial blood supply, with the goal of improving local drug exposure while limiting systemic toxicity.

RenovoRx’s lead technology is Trans-Arterial Micro-Perfusion (TAMP), which uses the company’s RenovoCath delivery system to administer therapeutic agents directly into tumor tissue.