RenovoRx (NASDAQ:RNXT) Upgraded by Jones Trading to Strong-Buy Rating

Jones Trading upgraded shares of RenovoRx (NASDAQ:RNXT) to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

A number of other research firms have also recently commented on RNXT. Ascendiant Capital Markets increased their price target on shares of RenovoRx from $12.00 to $12.50 and gave the company a “buy” rating in a report on Friday, November 21st. Wall Street Zen cut RenovoRx from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of RenovoRx in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.75.

RenovoRx Price Performance

RNXT opened at $1.04 on Thursday. The firm has a market cap of $38.12 million, a PE ratio of -2.89 and a beta of 1.31. The stock has a 50-day moving average price of $0.94 and a 200-day moving average price of $1.06. RenovoRx has a 1 year low of $0.70 and a 1 year high of $1.50.

RenovoRx (NASDAQ:RNXT) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $0.27 million for the quarter, compared to the consensus estimate of $0.41 million. RenovoRx had a negative net margin of 1,196.66% and a negative return on equity of 122.19%. As a group, sell-side analysts anticipate that RenovoRx will post -0.4 EPS for the current year.

Institutional Trading of RenovoRx

Hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC bought a new position in RenovoRx in the third quarter valued at about $154,000. Northwestern Mutual Wealth Management Co. bought a new position in RenovoRx in the second quarter worth approximately $98,000. Finally, Geode Capital Management LLC grew its position in shares of RenovoRx by 9.9% during the 2nd 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 during the period. Hedge funds and other institutional investors own 3.10% of the company’s stock.

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.