RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Update

Key Points

• Short interest fell sharply: RenovoRx short interest declined 35.8% to 432,726 shares as of August 31, representing about 1.1% of shares outstanding and 0.5 days to cover.
• Analyst outlook is moderately bullish: The stock has a consensus “Moderate Buy” rating and an $8.50 target price, with one Strong Buy, two Buy, and one Sell rating.
• Recent operating results exceeded expectations: RenovoRx reported a quarterly loss of $0.05 per share versus the $0.07 expected loss, while revenue of $0.91 million topped the $0.70 million consensus estimate; however, profitability metrics remained deeply negative.

RenovoRx, Inc. (NASDAQ:RNXT - Get Free Report) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 432,726 shares, a drop of 35.8% from the August 15th total of 674,017 shares. Based on an average daily volume of 903,872 shares, the days-to-cover ratio is currently 0.5 days. Approximately 1.1% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RNXT shares. Wall Street Zen raised shares of RenovoRx from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Ascendiant Capital Markets lifted their target price on shares of RenovoRx from $13.50 to $14.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Finally, 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 research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $8.50.

Institutional Trading of RenovoRx

An institutional investor recently raised its stake in RenovoRx stock. AIGH Capital Management LLC grew its holdings in shares of RenovoRx, Inc. (NASDAQ:RNXT - Free Report) by 30.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,706,197 shares of the company's stock after purchasing an additional 872,303 shares during the period. RenovoRx comprises 0.5% of AIGH Capital Management LLC's holdings, making the stock its 28th largest holding. AIGH Capital Management LLC owned 8.23% of RenovoRx worth $3,682,000 as of its most recent SEC filing. Institutional investors own 3.10% of the company's stock.

RenovoRx Price Performance

RNXT traded up $0.18 during trading on Thursday, hitting $1.73. The stock had a trading volume of 422,630 shares, compared to its average volume of 459,018. The company has a 50 day moving average price of $1.34 and a 200-day moving average price of $1.07. RenovoRx has a one year low of $0.70 and a one year high of $2.59. The firm has a market cap of $77.98 million, a price-to-earnings ratio of -5.58 and a beta of 1.12.

RenovoRx (NASDAQ:RNXT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. The firm had revenue of $0.91 million for the quarter, compared to analysts' expectations of $0.70 million. RenovoRx had a negative return on equity of 135.11% and a negative net margin of 621.71%. As a group, sell-side analysts predict that RenovoRx will post -0.24 EPS for the current fiscal year.

RenovoRx Company Profile

RenovoRx, Inc is a clinical-stage biopharmaceutical company focused on developing targeted treatments for difficult-to-treat solid tumors. The company's approach is designed to deliver cancer therapies directly to tumors through the arterial blood supply, with the goal of improving local drug exposure while limiting systemic toxicity.

RenovoRx's lead technology is Trans-Arterial Micro-Perfusion (TAMP), which uses the company's RenovoCath delivery system to administer therapeutic agents directly into tumor tissue.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.