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

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

Institutional Investors Weigh In On RenovoRx

Several hedge funds have recently made changes to their positions in RNXT. Citadel Advisors LLC acquired a new position in shares of RenovoRx in the fourth quarter valued at approximately $49,000. Renaissance Technologies LLC purchased a new position in RenovoRx in the 4th quarter valued at $84,000. Finally, Geode Capital Management LLC increased its stake in 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. Institutional investors and hedge funds own 3.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on RNXT shares. HC Wainwright assumed coverage on RenovoRx in a research note on Thursday. They set 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 company a “buy” rating in a research report on Tuesday, December 10th.

RenovoRx Stock Performance

NASDAQ:RNXT opened at $1.00 on Monday. The stock has a 50-day simple moving average of $1.12 and a 200-day simple moving average of $1.15. The stock has a market cap of $24.00 million, a P/E ratio of -1.75 and a beta of 1.15. RenovoRx has a 1 year low of $0.77 and a 1 year high of $1.69.

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.