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 shares of the company are sold short. Based on an average daily volume of 473,407 shares, the days-to-cover ratio is presently 1.1 days. Based on an average daily volume of 473,407 shares, the days-to-cover ratio is presently 1.1 days. Currently, 1.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new stake in shares of RenovoRx in the 2nd quarter worth about $98,000. Citadel Advisors LLC acquired a new stake in RenovoRx in the 3rd quarter worth about $154,000. Geode Capital Management LLC lifted its position in shares of 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 acquiring an additional 31,730 shares in the last quarter. Finally, AIGH Capital Management LLC grew its holdings 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 worth $2,380,000 after buying an additional 218,701 shares in the last quarter. 3.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

RenovoRx Trading Down 2.3%

RenovoRx stock traded down $0.02 during trading on Monday, hitting $1.02. 222,056 shares of the company were exchanged, compared to its average volume of 346,161. The company has a market capitalization of $37.24 million, a P/E ratio of -2.83 and a beta of 1.31. The business’s 50 day moving average is $0.94 and its 200 day moving average is $1.06. RenovoRx has a 52 week low of $0.70 and a 52 week high of $1.50.

RenovoRx (NASDAQ:RNXT) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). RenovoRx had a negative net margin of 1,196.66% and a negative return on equity of 122.19%. The company had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.41 million. Equities analysts expect 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.