RenovoRx (NASDAQ:RNXT) Stock Price Up 3.3% - Should You Buy?

Key Points

• RenovoRx shares rose 3.3% to $1.27, although trading volume was 54% below the average session volume. The company has a market capitalization of approximately $57.3 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $8.50, compared with the current share price. Ratings include one Strong Buy, two Buys and one Sell.
• RenovoRx exceeded quarterly expectations, reporting an adjusted loss of $0.05 per share versus the expected $0.07 loss and revenue of $0.91 million versus the $0.70 million estimate. However, the clinical-stage biotech remains unprofitable, with a negative net margin of 621.71%.

RenovoRx, Inc. (NASDAQ:RNXT - Get Free Report)'s stock price rose 3.3% during trading on Thursday. The company traded as high as $1.28 and last traded at $1.27. Approximately 225,739 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 495,081 shares. The stock had previously closed at $1.23.

Analyst Upgrades and Downgrades

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

RenovoRx Stock Up 3.3%

The business's fifty day moving average is $1.57 and its 200-day moving average is $1.15. The stock has a market capitalization of $57.32 million, a PE ratio of -4.10 and a beta of 0.98.

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

Institutional Trading of RenovoRx

A hedge fund recently raised its position in RenovoRx stock. AIGH Capital Management LLC increased its position in RenovoRx, Inc. (NASDAQ:RNXT - Free Report) by 30.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,706,197 shares of the company's stock after buying an additional 872,303 shares during the quarter. RenovoRx comprises about 0.5% of AIGH Capital Management LLC's investment portfolio, making the stock its 28th biggest position. AIGH Capital Management LLC owned 8.23% of RenovoRx worth $3,682,000 at the end of the most recent reporting period. Institutional investors own 3.10% of the company's stock.

About RenovoRx

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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