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RenovoRx , Inc. (NASDAQ:RNXT), a micro-cap biotech company valued at $33 million, saw its Chief Executive Officer, Shaun Bagai, purchase 7,500 shares of the company’s common stock on April 15, according to a recent SEC filing. The shares were acquired at a price of $0.9095 each, totaling approximately $6,821. The purchase comes as the stock has shown strong momentum, gaining over 8% in the past week. Following this transaction, Bagai now holds 320,040 shares directly. The purchase was made in an open market transaction, reflecting Bagai’s ongoing commitment to the company he leads. According to InvestingPro analysis, RenovoRx maintains a healthy balance sheet with more cash than debt, though the company is currently burning through cash reserves. Want deeper insights into insider trading patterns and 10+ additional exclusive ProTips? Explore InvestingPro’s comprehensive analysis tools.
In other recent news, RenovoRx has announced key developments that are of interest to investors. The company reported its first revenue from the RenovoCath device in the fourth quarter of 2024, amounting to approximately $43,000, with expectations for revenue to rise to the low six-figure range in the first quarter of 2025. RenovoRx is progressing with its Phase III TIGeR-PaC clinical trial, aiming to complete enrollment by 2025, with the second interim analysis expected in the second quarter of 2025. Additionally, the company has been recognized for its Trans-Arterial Micro-Perfusion (TAMP) therapy platform, which has been honored at the Society of Interventional Radiology 2025 Annual Scientific Meeting. RenovoRx also launched a public stock offering to fund its ongoing Phase III study and commercial activities. H.C. Wainwright has maintained a Buy rating on RenovoRx, with a price target of $3.00, following a strategic update and a fireside chat. The company has seen adoption of its RenovoCath technology by more than 10 medical institutions, contributing to its anticipated growth. RenovoRx’s CEO, Shaun Bagai, expressed confidence in the company’s commercial strategy and its ability to scale revenues without significant capital expenditure increases.
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