RenovoRx, Inc. (NASDAQ:RNXT) Sees Significant Growth in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 613,500 shares, an increase of 524.1% from the September 30th total of 98,300 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average trading volume of 521,500 shares, the short-interest ratio is presently 1.2 days. Based on an average trading volume of 521,500 shares, the short-interest ratio is presently 1.2 days. Currently, 1.7% of the shares of the company are sold short.

Institutional Investors Weigh In On RenovoRx

A number of large investors have recently made changes to their positions in the stock. AIGH Capital Management LLC purchased a new stake in shares of RenovoRx in the first quarter valued at approximately $3,433,000. AWM Investment Company Inc. purchased a new position in RenovoRx in the first quarter worth approximately $2,262,000. Alyeska Investment Group L.P. purchased a new position in RenovoRx in the first quarter worth approximately $682,000. ADAR1 Capital Management LLC grew its position in RenovoRx by 143.3% in the first quarter. ADAR1 Capital Management LLC now owns 479,883 shares of the company’s stock worth $475,000 after acquiring an additional 282,633 shares during the period. Finally, Geode Capital Management LLC grew its position in RenovoRx by 9.9% in the second quarter. Geode Capital Management LLC now owns 353,603 shares of the company’s stock worth $467,000 after acquiring an additional 31,730 shares during the period. 3.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on RNXT shares. Ascendiant Capital Markets raised their target price on RenovoRx from $11.50 to $12.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RenovoRx in a report on Wednesday, October 8th. Finally, Wall Street Zen cut RenovoRx from a “hold” rating to a “sell” rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $7.50.

RenovoRx Trading Down 2.5%

NASDAQ:RNXT opened at $1.15 on Tuesday. RenovoRx has a 12 month low of $0.75 and a 12 month high of $1.69. The stock has a 50 day moving average of $1.15 and a two-hundred day moving average of $1.18. The firm has a market cap of $42.15 million, a P/E ratio of -3.03 and a beta of 1.30.

RenovoRx (NASDAQ:RNXT) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.42 million during the quarter, compared to analysts’ expectations of $0.25 million. On average, research analysts forecast that RenovoRx will post -0.4 earnings per share for the current year.

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.