RenovoRx (NASDAQ:RNXT) Shares Down 2.4% – Time to Sell?
by Doug Wharley · The Cerbat GemRenovoRx, Inc. (NASDAQ:RNXT – Get Free Report) shares fell 2.4% during trading on Thursday . The stock traded as low as $0.93 and last traded at $0.93. 305,746 shares were traded during trading, an increase of 8% from the average daily volume of 284,186 shares. The stock had previously closed at $0.9530.
Analysts Set New Price Targets
Several brokerages have recently weighed in on RNXT. Ascendiant Capital Markets increased their price target on RenovoRx from $13.50 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Wall Street Zen cut RenovoRx from a “hold” rating to a “strong sell” rating in a report on Saturday, April 4th. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of RenovoRx in a research report on Wednesday, April 8th. Finally, Weiss Ratings upgraded shares of RenovoRx from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 8th. One equities research 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.
Get Our Latest Stock Analysis on RNXT
RenovoRx Price Performance
The business’s fifty day moving average price is $0.89 and its 200-day moving average price is $0.93. The stock has a market capitalization of $42.56 million, a price-to-earnings ratio of -2.86 and a beta of 1.01.
RenovoRx (NASDAQ:RNXT – Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). RenovoRx had a negative return on equity of 135.03% and a negative net margin of 823.98%.The firm had revenue of $0.56 million during the quarter, compared to the consensus estimate of $0.47 million. Equities research analysts predict that RenovoRx, Inc. will post -0.31 earnings per share for the current fiscal year.
Institutional Investors Weigh In On RenovoRx
Institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd increased its position in RenovoRx by 58.6% in the fourth quarter. XTX Topco Ltd now owns 50,140 shares of the company’s stock worth $42,000 after buying an additional 18,525 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in RenovoRx in the 2nd quarter worth approximately $98,000. Citadel Advisors LLC bought a new stake in RenovoRx during the third quarter valued at $154,000. Wealthspire Advisors LLC bought a new stake in shares of RenovoRx during the 4th quarter valued at about $212,000. Finally, Geode Capital Management LLC lifted its position in 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 during the last quarter. 3.10% of the stock is owned by institutional investors.
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.