Short Interest in RenovoRx, Inc. (NASDAQ:RNXT) Drops By 21.8%

RenovoRx, Inc. (NASDAQ:RNXT) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 71,900 shares, a drop of 21.8% from the October 15th total of 91,900 shares. Based on an average daily volume of 33,000 shares, the short-interest ratio is currently 2.2 days. Currently, 0.3% of the company’s shares are short sold.

RenovoRx Stock Performance

Shares of RNXT remained flat at $1.09 during mid-day trading on Friday. 13,345 shares of the stock traded hands, compared to its average volume of 43,926. The company has a fifty day moving average of $1.04 and a 200-day moving average of $1.13. RenovoRx has a 1-year low of $0.53 and a 1-year high of $2.35. The company has a market capitalization of $26.15 million, a P/E ratio of -1.91 and a beta of 0.99.

RenovoRx (NASDAQ:RNXT) last released its earnings results on Tuesday, August 13th. The company reported ($0.10) earnings per share (EPS) for the quarter. As a group, research analysts predict that RenovoRx will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their price objective on RenovoRx from $8.00 to $8.25 and gave the company a “buy” rating in a report on Thursday, September 12th.

Institutional Trading of RenovoRx

An institutional investor recently raised its position in RenovoRx stock. Geode Capital Management LLC increased its stake in shares of RenovoRx, Inc. (NASDAQ:RNXT) by 61.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,937 shares of the company’s stock after purchasing an additional 89,018 shares during the quarter. Geode Capital Management LLC owned 0.97% of RenovoRx worth $247,000 at the end of the most recent quarter. 3.10% of the stock is currently owned by hedge funds and other institutional investors.

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.