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Shaun Bagai, the Chief Executive Officer of RenovoRx , Inc. (NASDAQ:RNXT), recently acquired 10,000 shares of the company's common stock. The transaction, dated April 7, 2025, was completed at a weighted average price of $0.83 per share, amounting to a total purchase value of $8,300. The purchase comes as the stock has declined nearly 18% over the past week, with InvestingPro data showing the stock trading below its Fair Value.
The shares were bought in multiple transactions, with prices ranging from $0.816 to $0.85. Following this acquisition, Bagai's direct ownership in RenovoRx increased to 302,540 shares. The company maintains a strong liquidity position with a current ratio of 4.1 and holds more cash than debt on its balance sheet, according to InvestingPro analysis.
This move reflects an open market purchase of the company's securities, indicating continued confidence by the CEO in the company's prospects. Investors often closely monitor such insider transactions to gauge executive sentiment about the company's future. Analyst targets suggest significant upside potential, with price targets ranging from $3 to $9 per share. For more detailed insights and additional ProTips about RNXT, visit InvestingPro.
In other recent news, RenovoRx has been making notable strides in its financial and clinical endeavors. The company reported its first revenue from the RenovoCath device in the fourth quarter of 2024, totaling approximately $43,000, with expectations for revenue growth into the low six-figure range in the first quarter of 2025. The company is also progressing in its Phase III TIGeR-PaC clinical trial, with full enrollment anticipated in 2025 and a second interim analysis expected in the second quarter of the year. RenovoRx ended 2024 with a cash position of $7.2 million and raised an additional $12.1 million in February 2025 through a public offering, which will support ongoing clinical and commercial activities.
H.C. Wainwright maintained its Buy rating on RenovoRx, citing positive developments in the TIGeR-PaC study and the potential of the RenovoCath delivery system. The company has received purchase orders from more than ten medical institutions, including high-volume centers, and anticipates further adoption of its technology. Additionally, RenovoRx's Trans-Arterial Micro-Perfusion (TAMP) therapy platform was recognized at the Society of Interventional Radiology 2025 Annual Scientific Meeting, highlighting its potential to enhance drug delivery to solid tumors. The company's efforts to expand its commercial reach were underscored by the launch of a public stock offering, with proceeds aimed at supporting its clinical trials and commercialization strategy.
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