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RenovoRx , Inc. (NASDAQ:RNXT) saw its Chief Medical (TASE:BLWV) Officer, Agah Ramtin, make a notable purchase of the company's stock, according to a recent SEC filing. On April 8, Ramtin acquired 26,000 shares of RenovoRx common stock at a weighted average price of $0.84 per share. This transaction amounted to a total investment of $21,840. The purchase comes as the stock trades near its 52-week low of $0.75, having declined 20% in the past week. InvestingPro data shows analyst price targets ranging from $3 to $9, suggesting significant upside potential.
The shares were bought in open market transactions, with prices ranging from $0.825 to $0.8499. Following this purchase, Ramtin's direct ownership in RenovoRx increased to 1,048,460 shares. This includes 975,000 shares previously reported as indirectly held by the Mars16 Nevada Non-Grantor Trust. The micro-cap company, valued at $29.24 million, maintains strong liquidity with a current ratio of 4.1. Want deeper insights into insider trading patterns and 12 more exclusive ProTips? Discover more with InvestingPro.
In other recent news, RenovoRx has reported several significant developments. The company is on track with its Phase III TIGeR-PaC study, which aims to treat locally advanced pancreatic cancer using its RenovoCath delivery system. RenovoRx announced it is progressing towards completing the enrollment of 114 patients for this pivotal study by 2025. The study has already reached 50 events, with a second interim analysis expected after the 52nd event. H.C. Wainwright has maintained its Buy rating on RenovoRx, with a 12-month price target of $3.00 per share, following a strategic update and a fireside chat. Additionally, the company has seen initial commercial success, generating approximately $43,000 in revenue from the RenovoCath device in the fourth quarter of 2024, with expectations for revenue to rise into the low six-figure range in early 2025. RenovoRx has also been recognized for its innovative Trans-Arterial Micro-Perfusion (TAMP) therapy platform, which significantly increases local tissue concentration of chemotherapy. The company has initiated a public stock offering to support its ongoing clinical and commercial activities. The proceeds from this offering will fund the TIGeR-PaC study and other corporate purposes.
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