HC Wainwright Reaffirms Buy Rating for RenovoRx (NASDAQ:RNXT)

RenovoRx (NASDAQ:RNXT)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $3.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 229.67% from the company’s previous close.

Separately, Ascendiant Capital Markets raised their price objective on shares of RenovoRx from $8.25 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th.

RenovoRx Trading Down 9.0 %

Shares of NASDAQ RNXT opened at $0.91 on Friday. RenovoRx has a 12-month low of $0.77 and a 12-month high of $1.69. The firm’s 50-day moving average price is $1.08 and its 200-day moving average price is $1.14. The stock has a market capitalization of $21.84 million, a price-to-earnings ratio of -1.60 and a beta of 1.15.

RenovoRx (NASDAQ:RNXT) last released its quarterly earnings results on Monday, March 31st. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.17 million. On average, equities analysts predict that RenovoRx will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new position in RenovoRx in the 4th quarter worth about $49,000. Renaissance Technologies LLC purchased a new stake in shares of RenovoRx in the fourth quarter valued at approximately $84,000. Finally, Geode Capital Management LLC grew its stake in RenovoRx by 61.9% in the third quarter. Geode Capital Management LLC now owns 232,937 shares of the company’s stock worth $247,000 after purchasing an additional 89,018 shares in the last quarter. Hedge funds and other institutional investors own 3.10% of the company’s stock.

About RenovoRx

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.