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RenovoRx , Inc. (NASDAQ:RNXT) CEO Shaun Bagai has recently increased his stake in the company by acquiring 10,000 shares of common stock. The purchase, made on April 9, 2025, was executed at an average price of $0.83 per share, totaling approximately $8,300. The transaction comes as the stock has fallen nearly 35% year-to-date, according to InvestingPro data, with the company's market capitalization currently standing at $30.3 million. Following this transaction, Bagai's direct ownership now stands at 312,540 shares. The acquisition reflects open market purchases of RenovoRx's securities, as noted in the filing. InvestingPro analysis indicates the company maintains a strong cash position relative to debt, though it's experiencing rapid cash burn. With a WEAK financial health score and current trading levels below Fair Value, investors can access 10+ additional ProTips and detailed metrics through InvestingPro.
In other recent news, RenovoRx has been making significant strides in its clinical and commercial endeavors. The company reported its first revenue from the RenovoCath device in the fourth quarter of 2024, amounting to approximately $43,000, and expects this figure 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, with full enrollment on track for 2025, and has reached 50 events as of March 28, 2025. The company also completed a public stock offering, with proceeds aimed at supporting its ongoing Phase III study and commercial activities for RenovoCath. H.C. Wainwright reaffirmed its Buy rating on RenovoRx stock, maintaining a price target of $3.00 per share. The company has garnered recognition for its Trans-Arterial Micro-Perfusion (TAMP) therapy platform, which will be honored at the Society of Interventional Radiology 2025 Annual Scientific Meeting. RenovoRx's innovative approach has led to the adoption of its technology by over ten medical institutions, contributing to a promising revenue outlook. Additionally, RenovoRx ended 2024 with a cash position of $7.2 million and raised an additional $12.1 million in February 2025, reflecting its strong financial footing.
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