Ascendiant Capital Markets Forecasts Strong Price Appreciation for RenovoRx (NASDAQ:RNXT) Stock

RenovoRx (NASDAQ:RNXT) had its price objective raised by equities researchers at Ascendiant Capital Markets from $9.00 to $11.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of RenovoRx in a research report on Friday, April 4th.

RenovoRx Trading Down 0.2 %

NASDAQ RNXT opened at $0.97 on Monday. RenovoRx has a 1-year low of $0.75 and a 1-year high of $1.69. The company has a 50 day moving average of $0.95 and a 200-day moving average of $1.13. The firm has a market cap of $35.44 million, a price-to-earnings ratio of -1.70 and a beta of 1.12.

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 analysts’ consensus estimates of ($0.12) by ($0.01). The company had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.17 million. On average, analysts forecast that RenovoRx will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Citadel Advisors LLC acquired a new stake in shares of RenovoRx in the 4th quarter valued at $49,000. Renaissance Technologies LLC bought a new position in RenovoRx in the fourth quarter valued at about $84,000. Finally, Geode Capital Management LLC increased its position 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 during the period. 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.