RenovoRx, Inc. (NASDAQ:RNXT) Short Interest Up 129.4% in March

RenovoRx, Inc. (NASDAQ:RNXT) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 15,600 shares, a growth of 129.4% from the February 29th total of 6,800 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily volume of 82,800 shares, the short-interest ratio is presently 0.2 days.

RenovoRx Stock Performance

RenovoRx stock traded down $0.04 during trading on Thursday, reaching $1.34. 17,338 shares of the company’s stock were exchanged, compared to its average volume of 55,840. The firm has a market cap of $14.32 million, a price-to-earnings ratio of -1.43 and a beta of 1.12. RenovoRx has a 52-week low of $0.53 and a 52-week high of $4.60. The company’s 50-day moving average is $1.45 and its two-hundred day moving average is $1.22.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners started coverage on RenovoRx in a research note on Friday, February 2nd. They issued a “buy” rating and a $4.00 target price on the stock.

Institutional Investors Weigh In On RenovoRx

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Armistice Capital LLC acquired a new stake in RenovoRx during the first quarter valued at approximately $3,425,000. Nixon Peabody Trust Co. bought a new position in RenovoRx during the fourth quarter worth $223,000. Charles Schwab Investment Management Inc. acquired a new position in RenovoRx in the third quarter worth $62,000. Vanguard Group Inc. increased its stake in RenovoRx by 34.7% during the third quarter. Vanguard Group Inc. now owns 74,733 shares of the company’s stock valued at $99,000 after purchasing an additional 19,250 shares during the last quarter. Finally, Colony Group LLC acquired a new stake in shares of RenovoRx during the third quarter worth $32,000. Institutional investors own 3.10% of the company’s stock.

RenovoRx Company Profile

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing therapies for the treatment of solid tumors. Its lead product candidate is RenovoGem, a drug and device combination consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.