RenovoRx, Inc. (NASDAQ:RNXT) Stock Short Interest Jumps 55.7%

Key Points

• Short interest surged 55.7% to 673,558 shares as of September 15, representing about 1.6% of RenovoRx’s outstanding shares. The stock’s days-to-cover ratio remains low at 0.3 days due to average daily trading volume of roughly 2.06 million shares.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $8.50, well above the reported share price of $1.56.
• RenovoRx exceeded quarterly expectations, reporting a loss of $0.05 per share versus the projected $0.07 loss and revenue of $0.91 million versus the $0.70 million estimate. However, the clinical-stage biotech continues to post significant losses and negative profitability metrics.

RenovoRx, Inc. (NASDAQ:RNXT - Get Free Report) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 673,558 shares, a growth of 55.7% from the August 31st total of 432,726 shares. Based on an average trading volume of 2,055,813 shares, the days-to-cover ratio is currently 0.3 days. Approximately 1.6% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RNXT shares. Wall Street Zen upgraded RenovoRx from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings raised RenovoRx from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, RenovoRx has a consensus rating of "Moderate Buy" and an average target price of $8.50.

RenovoRx Stock Down 0.6%

Shares of RNXT stock opened at $1.56 on Thursday. The company has a market capitalization of $70.40 million, a P/E ratio of -5.03 and a beta of 1.12. RenovoRx has a 12-month low of $0.70 and a 12-month high of $2.59. The firm has a 50-day moving average price of $1.49 and a 200 day moving average price of $1.12.

RenovoRx (NASDAQ:RNXT - Get Free Report) last issued 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. RenovoRx had a negative net margin of 621.71% and a negative return on equity of 135.11%. The firm had revenue of $0.91 million for the quarter, compared to analysts' expectations of $0.70 million. As a group, research analysts expect that RenovoRx will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On RenovoRx

A hedge fund recently raised its stake in RenovoRx stock. AIGH Capital Management LLC increased its stake in shares of RenovoRx, Inc. (NASDAQ:RNXT - Free Report) by 30.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,706,197 shares of the company's stock after buying an additional 872,303 shares during the period. RenovoRx accounts for approximately 0.5% of AIGH Capital Management LLC's holdings, making the stock its 28th biggest holding. AIGH Capital Management LLC owned about 8.23% of RenovoRx worth $3,682,000 as of its most recent SEC filing. 3.10% of the stock is owned by institutional investors and hedge funds.

About RenovoRx

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.