RenovoRx (NASDAQ:RNXT) Stock Price Up 11.5% – Still a Buy?

Shares of RenovoRx, Inc. (NASDAQ:RNXT) traded up 11.5% on Monday . The stock traded as high as $1.09 and last traded at $1.07. 255,980 shares were traded during mid-day trading, an increase of 274% from the average session volume of 68,459 shares. The stock had previously closed at $0.96.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets boosted their target price on RenovoRx from $8.25 to $9.00 and gave the company a “buy” rating in a report on Tuesday, December 10th.

RenovoRx Trading Up 11.5 %

The company has a market cap of $25.68 million, a price-to-earnings ratio of -1.88 and a beta of 1.15. The company’s 50 day moving average price is $1.16 and its 200 day moving average price is $1.15.

Institutional Investors Weigh In On RenovoRx

A number of hedge funds have recently added to or reduced their stakes in RNXT. Geode Capital Management LLC lifted 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. Renaissance Technologies LLC purchased a new stake in shares of RenovoRx during the 4th quarter worth $84,000. Finally, Citadel Advisors LLC acquired a new position in shares of RenovoRx during the 4th quarter worth $49,000. Institutional investors and hedge funds 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.