RenovoRx (NASDAQ:RNXT) Upgraded to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded RenovoRx from “sell” to “hold,” while analysts overall maintain a “Moderate Buy” consensus and an average price target of $8.50.
• RenovoRx reported a quarterly loss of $0.05 per share, beating estimates by $0.02, and revenue of $0.91 million versus the $0.70 million consensus estimate.
• Shares opened at $1.40, near the company’s one-year high of $1.45; RenovoRx remains a clinical-stage medical technology company developing targeted drug-delivery therapies for solid tumors.

RenovoRx (NASDAQ:RNXT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

A number of other research analysts also recently weighed in on RNXT. Ascendiant Capital Markets raised their price target on RenovoRx from $13.50 to $14.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Weiss Ratings upgraded RenovoRx from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, RenovoRx currently has an average rating of "Moderate Buy" and an average target price of $8.50.

RenovoRx Price Performance

RenovoRx stock opened at $1.40 on Friday. The company has a market cap of $63.07 million, a price-to-earnings ratio of -4.52 and a beta of 0.99. The firm has a 50-day moving average of $0.95 and a 200-day moving average of $0.94. RenovoRx has a one year low of $0.70 and a one year high of $1.45.

RenovoRx (NASDAQ:RNXT - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.02. RenovoRx had a negative return on equity of 138.07% and a negative net margin of 621.71%.The business had revenue of $0.91 million for the quarter, compared to the consensus estimate of $0.70 million. As a group, sell-side analysts expect that RenovoRx will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On RenovoRx

Institutional investors and hedge funds have recently modified their holdings of the company. XTX Topco Ltd lifted its stake in RenovoRx by 58.6% in the 4th quarter. XTX Topco Ltd now owns 50,140 shares of the company's stock valued at $42,000 after purchasing an additional 18,525 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in RenovoRx during the second quarter worth approximately $98,000. Citadel Advisors LLC acquired a new position in RenovoRx during the third quarter worth approximately $154,000. Wealthspire Advisors LLC bought a new stake in RenovoRx in the fourth quarter valued at approximately $212,000. Finally, Geode Capital Management LLC raised its stake in RenovoRx by 9.9% in the second quarter. Geode Capital Management LLC now owns 353,603 shares of the company's stock valued at $467,000 after buying an additional 31,730 shares during the period. 3.10% of the stock is owned by institutional investors.

About RenovoRx

RenovoRx, Inc is a clinical-stage medical technology company focused on the development of proprietary drug-device combination therapies for the treatment of solid tumor malignancies. The company's lead product candidate, RenovoCath™, is an intra-arterial catheter system designed to deliver high concentrations of chemotherapeutic agents directly to tumor sites while minimizing systemic exposure. RenovoRx seeks to improve clinical outcomes and reduce adverse effects by enhancing drug delivery precision in hard-to-treat cancers.

RenovoCath™ is being evaluated in multiple clinical trials targeting advanced pancreatic cancer and metastatic colorectal cancer, among other solid tumors.

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