HC Wainwright Initiates Coverage on RenovoRx (NASDAQ:RNXT)

Equities researchers at HC Wainwright initiated coverage on shares of RenovoRx (NASDAQ:RNXT) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $3.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 200.00% from the company’s previous close.

Separately, 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 Thursday. RenovoRx has a 52 week low of $0.77 and a 52 week high of $1.69. The firm’s 50-day simple moving average is $1.12 and its 200 day simple moving average is $1.15. The firm has a market cap of $24.00 million, a price-to-earnings ratio of -1.75 and a beta of 1.15.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Citadel Advisors LLC acquired a new stake in RenovoRx during the fourth quarter worth about $49,000. Renaissance Technologies LLC acquired a new position in shares of RenovoRx in the 4th quarter valued at approximately $84,000. Finally, Geode Capital Management LLC lifted its holdings in shares of RenovoRx by 61.9% during the 3rd quarter. Geode Capital Management LLC now owns 232,937 shares of the company’s stock worth $247,000 after acquiring 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.