RenovoRx (NASDAQ:RNXT) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of RenovoRx (NASDAQ:RNXT) from a strong sell rating to a sell rating in a research note published on Saturday morning.

Several other analysts have also recently issued reports on the stock. Weiss Ratings cut shares of RenovoRx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. Ascendiant Capital Markets increased their target price on RenovoRx from $13.50 to $14.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of RenovoRx in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $8.50.

RenovoRx Stock Performance

RNXT opened at $0.87 on Friday. The company’s 50 day simple moving average is $0.90 and its 200 day simple moving average is $0.93. RenovoRx has a 1 year low of $0.70 and a 1 year high of $1.45. The stock has a market capitalization of $38.98 million, a PE ratio of -2.62 and a beta of 0.99.

RenovoRx (NASDAQ:RNXT) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.56 million during the quarter, compared to analyst estimates of $0.47 million. RenovoRx had a negative net margin of 823.98% and a negative return on equity of 135.03%. As a group, sell-side analysts expect that RenovoRx will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenovoRx

Several institutional investors have recently bought and sold shares of the business. XTX Topco Ltd increased its position in shares of 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 acquiring an additional 18,525 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of RenovoRx during the 2nd quarter valued at $98,000. Citadel Advisors LLC purchased a new stake in RenovoRx during the 3rd quarter worth $154,000. Wealthspire Advisors LLC purchased a new stake in RenovoRx during the 4th quarter worth $212,000. Finally, Geode Capital Management LLC increased its holdings in RenovoRx by 9.9% in the 2nd 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. 3.10% of the stock is currently owned by hedge funds and other 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.