RenovoRx Reports Earnings, Stock Takes a Hit Following Results

RenovoRx, Inc. (NASDAQ:RNXT) reported its quarterly earnings on Thursday, revealing a loss of $0.08 per share. This result aligned with analysts’ expectations, according to FiscalAI. The company generated $0.27 million in revenue during the quarter, falling short of the anticipated $0.41 million.

Following the earnings announcement, RenovoRx shares experienced a decline, dropping $0.16 to close at $0.82 on Friday. The trading volume reached over 1 million shares, significantly higher than the average volume of 274,922 shares. With a current market capitalization of $29.98 million, the company has a price-to-earnings ratio of -2.09 and a beta of 1.29. In terms of stock performance, RenovoRx has seen fluctuations, with a one-year low of $0.70 and a high of $1.69.

Analyst Ratings and Market Sentiment

Several research analysts have recently provided insights on RenovoRx’s stock. On August 25, 2023, Ascendiant Capital Markets raised their target price from $11.50 to $12.00, maintaining a “buy” rating. Conversely, Weiss Ratings reiterated a “sell (e+)” rating in their report dated October 8, 2023. Just a few weeks later, on October 25, 2023, Wall Street Zen downgraded their rating from “hold” to “sell.” Currently, two analysts recommend buying the stock, while one has issued a sell rating. According to MarketBeat.com, RenovoRx holds a consensus rating of “hold” with an average target price of $7.50.

Institutional Investments

In recent developments, institutional investors are showing interest in RenovoRx. Northwestern Mutual Wealth Management Co. acquired a new position in the company during the second quarter, purchasing 74,596 shares valued at approximately $98,000, as detailed in their latest 13F filing with the Securities and Exchange Commission (SEC). At the end of the most recent quarter, Northwestern Mutual owned about 0.20% of RenovoRx. Overall, institutional investors and hedge funds hold 3.10% of the company’s stock.

RenovoRx is a clinical-stage biopharmaceutical firm focused on developing proprietary targeted combination therapies aimed at improving outcomes for cancer patients. Its lead product candidate, RenovoGem, is currently in Phase III clinical trials targeting locally advanced pancreatic cancer.

As investors and analysts continue to monitor RenovoRx’s performance, the company remains a focal point in the biopharmaceutical sector, particularly for those tracking developments in cancer treatment therapies.