RenovoRx, Inc. (NASDAQ:RNXT) Sees Significant Growth in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 115,500 shares, a growth of 57.8% from the December 15th total of 73,200 shares. Based on an average trading volume of 62,100 shares, the days-to-cover ratio is presently 1.9 days. Approximately 0.5% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their target price 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.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in RenovoRx stock. Geode Capital Management LLC increased its holdings in RenovoRx, Inc. (NASDAQ:RNXT) by 61.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 232,937 shares of the company’s stock after acquiring an additional 89,018 shares during the period. Geode Capital Management LLC owned about 0.97% of RenovoRx worth $247,000 at the end of the most recent quarter. 3.10% of the stock is currently owned by institutional investors.

RenovoRx Stock Performance

Shares of NASDAQ RNXT traded up $0.09 during midday trading on Friday, hitting $1.50. 352,418 shares of the stock traded hands, compared to its average volume of 128,783. The business has a 50 day moving average price of $1.27 and a two-hundred day moving average price of $1.15. RenovoRx has a one year low of $0.77 and a one year high of $1.86. The company has a market cap of $36 million, a PE ratio of -2.63 and a beta of 1.09.

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.