RenovoRx, Inc. (NASDAQ:RNXT) Sees Large Increase in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) saw a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 205,900 shares, an increase of 60.7% from the January 31st total of 128,100 shares. Based on an average daily trading volume, of 146,500 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.6% of the company’s shares are short sold.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their target price on shares of RenovoRx from $8.25 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th.

RenovoRx Trading Down 1.4 %

Shares of NASDAQ RNXT traded down $0.01 during mid-day trading on Tuesday, reaching $0.94. 76,800 shares of the company’s stock were exchanged, compared to its average volume of 65,999. RenovoRx has a twelve month low of $0.77 and a twelve month high of $1.86. The firm has a market capitalization of $22.49 million, a price-to-earnings ratio of -1.64 and a beta of 1.10. The business has a fifty day simple moving average of $1.26 and a 200 day simple moving average of $1.16.

Hedge Funds Weigh In On RenovoRx

Several hedge funds have recently modified their holdings of RNXT. Geode Capital Management LLC boosted its position in RenovoRx by 61.9% during the third quarter. Geode Capital Management LLC now owns 232,937 shares of the company’s stock valued at $247,000 after purchasing an additional 89,018 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of RenovoRx during the 4th quarter worth approximately $84,000. Finally, Citadel Advisors LLC acquired a new stake in shares of RenovoRx in the 4th quarter valued at approximately $49,000. 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.