RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Up 28.9% in January

RenovoRx, Inc. (NASDAQ:RNXT) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 541,448 shares, an increase of 28.9% from the December 31st total of 419,908 shares. Currently, 1.6% of the company’s shares are sold short. Based on an average trading volume of 473,407 shares, the days-to-cover ratio is currently 1.1 days. Based on an average trading volume of 473,407 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.6% of the company’s shares are sold short.

Hedge Funds Weigh In On RenovoRx

Several hedge funds and other institutional investors have recently modified their holdings of RNXT. Geode Capital Management LLC lifted its holdings in RenovoRx by 9.9% in the second 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 period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of RenovoRx in the 2nd quarter valued at approximately $98,000. Citadel Advisors LLC purchased a new position in shares of RenovoRx in the 3rd quarter valued at approximately $154,000. Finally, AIGH Capital Management LLC boosted its position in shares of RenovoRx by 8.4% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen lowered shares of RenovoRx from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Weiss Ratings restated a “sell (e+)” rating on shares of RenovoRx in a research report on Monday, December 29th. Jones Trading raised RenovoRx to a “strong-buy” rating in a research note on Thursday, January 29th. Finally, Ascendiant Capital Markets boosted their price objective on RenovoRx from $12.00 to $12.50 and gave the company a “buy” rating in a research report on Friday, November 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.75.

RenovoRx Price Performance

RNXT traded down $0.01 during midday trading on Tuesday, reaching $1.01. 115,124 shares of the company’s stock traded hands, compared to its average volume of 341,233. RenovoRx has a 52 week low of $0.70 and a 52 week high of $1.50. The stock has a market capitalization of $37.02 million, a price-to-earnings ratio of -2.81 and a beta of 1.31. The firm has a fifty day moving average of $0.95 and a two-hundred day moving average of $1.06.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $0.27 million during the quarter, compared to analyst estimates of $0.41 million. RenovoRx had a negative return on equity of 122.19% and a negative net margin of 1,196.66%. Sell-side analysts forecast that RenovoRx will post -0.4 EPS for the current year.

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.