RenovoRx, Inc. (NASDAQ:RNXT) Sees Significant Decline in Short Interest

RenovoRx, Inc. (NASDAQ:RNXT) saw a significant drop in short interest in December. As of December 15th, there was short interest totalling 73,200 shares, a drop of 17.3% from the November 30th total of 88,500 shares. Based on an average daily trading volume, of 58,900 shares, the short-interest ratio is presently 1.2 days. Approximately 0.3% of the shares of the stock are short sold.

RenovoRx Trading Up 1.6 %

Shares of NASDAQ:RNXT traded up $0.02 during midday trading on Friday, hitting $1.30. 40,580 shares of the stock were exchanged, compared to its average volume of 50,364. RenovoRx has a twelve month low of $0.77 and a twelve month high of $2.35. The company has a 50 day moving average price of $1.17 and a 200-day moving average price of $1.13. The stock has a market cap of $31.20 million, a P/E ratio of -2.28 and a beta of 1.11.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On RenovoRx

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