Short Interest in RenovoRx, Inc. (NASDAQ:RNXT) Drops By 19.6%

RenovoRx, Inc. (NASDAQ:RNXT) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 189,200 shares, a drop of 19.6% from the February 28th total of 235,200 shares. Based on an average daily trading volume, of 132,200 shares, the short-interest ratio is presently 1.4 days. Currently, 0.5% of the company’s shares are sold short.

RenovoRx Stock Performance

NASDAQ:RNXT traded down $0.03 during mid-day trading on Tuesday, hitting $0.96. The company had a trading volume of 57,307 shares, compared to its average volume of 70,518. RenovoRx has a fifty-two week low of $0.77 and a fifty-two week high of $1.69. The firm has a market cap of $23.04 million, a P/E ratio of -1.68 and a beta of 1.15. The business’s fifty day moving average is $1.11 and its two-hundred day moving average is $1.15.

Analysts Set New Price Targets

RNXT has been the topic of several recent research reports. HC Wainwright began coverage on RenovoRx in a report on Thursday, March 27th. They issued a “buy” rating and a $3.00 price target on the stock. Ascendiant Capital Markets lifted their price target on shares of RenovoRx from $8.25 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th.

Institutional Trading of RenovoRx

A number of institutional investors and hedge funds have recently modified their holdings of RNXT. Citadel Advisors LLC acquired a new position in RenovoRx during the fourth quarter valued at approximately $49,000. Renaissance Technologies LLC bought a new position in shares of RenovoRx during the fourth quarter worth $84,000. Finally, Geode Capital Management LLC grew its holdings in shares of RenovoRx by 61.9% in the 3rd quarter. Geode Capital Management LLC now owns 232,937 shares of the company’s stock valued at $247,000 after buying an additional 89,018 shares during the period. 3.10% of the stock is owned by institutional investors.

RenovoRx Company Profile

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.