RenovoRx (NASDAQ:RNXT) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded RenovoRx from “hold” to “sell,” despite the broader analyst consensus remaining “Moderate Buy” with an $8.50 target price.
• RenovoRx shares opened at $1.29, with a $58.22 million market capitalization, and have traded between $0.70 and $2.59 over the past year.
• The company beat quarterly revenue and EPS expectations, but continues to report significant losses, including a negative 621.71% net margin and a forecast full-year loss of $0.24 per share.

RenovoRx (NASDAQ:RNXT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of RenovoRx from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, September 2nd. One equities 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $8.50.

RenovoRx Trading Up 1.6%

RNXT opened at $1.29 on Friday. The stock has a market cap of $58.22 million, a PE ratio of -4.16 and a beta of 0.98. RenovoRx has a 1 year low of $0.70 and a 1 year high of $2.59. The stock's 50 day simple moving average is $1.57 and its 200-day simple moving average is $1.16.

RenovoRx (NASDAQ:RNXT - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.02. RenovoRx had a negative return on equity of 135.11% and a negative net margin of 621.71%. The business had revenue of $0.91 million during the quarter, compared to analyst estimates of $0.70 million. Equities analysts forecast that RenovoRx will post -0.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in RenovoRx stock. AIGH Capital Management LLC boosted its position in shares of RenovoRx, Inc. (NASDAQ:RNXT - Free Report) by 30.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,706,197 shares of the company's stock after buying an additional 872,303 shares during the quarter. RenovoRx makes up approximately 0.5% of AIGH Capital Management LLC's holdings, making the stock its 28th largest holding. AIGH Capital Management LLC owned about 8.23% of RenovoRx worth $3,682,000 as of its most recent filing with the SEC. 3.10% of the stock is currently owned by institutional investors.

RenovoRx Company Profile

RenovoRx, Inc is a clinical-stage biopharmaceutical company developing localized treatments for solid tumors. The company's technology is designed to deliver therapeutic agents directly to tumors through the arterial blood supply, with the goal of increasing drug exposure at the treatment site while limiting systemic exposure and associated side effects.

RenovoRx's proprietary Trans-Arterial Micro-Perfusion (TAMP) platform combines an investigational drug formulation with a specialized delivery system.

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