RenovoRx (NASDAQ:RNXT) Shares Up 11.5% – Should You Buy?

RenovoRx, Inc. (NASDAQ:RNXT)’s share price traded up 11.5% on Monday . The stock traded as high as $1.09 and last traded at $1.07. 255,980 shares traded hands 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 Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped 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 Stock Performance

The company has a 50 day moving average price of $1.15 and a 200 day moving average price of $1.15. The company has a market capitalization of $24.48 million, a price-to-earnings ratio of -1.79 and a beta of 1.15.

Institutional Trading of RenovoRx

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake 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 purchasing an additional 89,018 shares during the period. Renaissance Technologies LLC bought a new stake in RenovoRx during the 4th quarter worth approximately $84,000. Finally, Citadel Advisors LLC bought a new stake in shares of RenovoRx during the 4th quarter worth $49,000. 3.10% of the stock is owned by hedge funds and other 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.