HC Wainwright Reaffirms Buy Rating for RenovoRx (NASDAQ:RNXT)

RenovoRx (NASDAQ:RNXT)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $3.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 154.24% from the stock’s current price.

Separately, Ascendiant Capital Markets upped their price target on RenovoRx from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, April 28th.

RenovoRx Price Performance

Shares of RNXT stock opened at $1.18 on Monday. The business has a 50-day moving average of $0.97 and a 200 day moving average of $1.13. RenovoRx has a 1-year low of $0.75 and a 1-year high of $1.69. The stock has a market capitalization of $43.13 million, a PE ratio of -2.07 and a beta of 1.12.

RenovoRx (NASDAQ:RNXT) last issued its earnings results on Thursday, May 15th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter, compared to the consensus estimate of $0.23 million. Analysts anticipate that RenovoRx will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC purchased a new stake in shares of RenovoRx in the 4th quarter worth about $49,000. HighTower Advisors LLC purchased a new stake in RenovoRx in the first quarter worth about $40,000. Renaissance Technologies LLC purchased a new stake in RenovoRx in the fourth quarter worth about $84,000. Chicago Partners Investment Group LLC bought a new stake in RenovoRx during the 1st quarter valued at approximately $97,000. Finally, Corsair Capital Management L.P. purchased a new position in shares of RenovoRx during the 1st quarter worth approximately $186,000. 3.10% of the stock is owned by hedge funds and other institutional investors.

About RenovoRx

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.