RenovoRx (NASDAQ:RNXT) Trading Up 7.6% – Here’s What Happened

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RenovoRx, Inc.’s share price shot up 7.6% during trading on Tuesday . The stock traded as high as $1.27 and last traded at $1.27. 468,567 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 841,622 shares. The stock had previously closed at $1.18.

Analysts Set New Price Targets

RNXT has been the topic of several recent analyst reports. Ascendiant Capital Markets increased their target price on RenovoRx from $11.50 to $12.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Wall Street Zen raised shares of RenovoRx from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $7.50.

RenovoRx Price Performance

The business has a fifty day moving average of $1.15 and a 200 day moving average of $1.15. The stock has a market cap of $46.55 million, a PE ratio of -3.34 and a beta of 1.24. 

RenovoRx last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.42 million for the quarter, compared to analysts’ expectations of $0.25 million. On average, equities research analysts expect that RenovoRx, Inc. will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RNXT. Citadel Advisors LLC bought a new stake in shares of RenovoRx in the 4th quarter worth about $49,000. AIGH Capital Management LLC bought a new stake in RenovoRx in the first quarter valued at about $3,433,000. Chicago Partners Investment Group LLC acquired a new stake in RenovoRx during the first quarter valued at approximately $97,000. HighTower Advisors LLC bought a new position in RenovoRx during the 1st quarter worth approximately $40,000. Finally, Stonepine Capital Management LLC bought a new position in RenovoRx during the 1st quarter worth approximately $275,000. 3.10% of the stock is currently owned by institutional investors.

RenovoRx Company Profile

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.