Pinnacle Associates Ltd., a reputable investment management firm, recently disclosed that it increased its stake in Renalytix Plc (NASDAQ:RNLX) by 26.8% during the fourth quarter. As per the firm’s latest Form 13F filing with the Security and Exchange Commission (SEC), Pinnacle Associates held 574,781 shares of RNLX after acquiring an additional 121,655 shares in Q4. With the acquisition of these new shares, Pinnacle’s total ownership of Renalytix grew to $1.075 million, which was approximately one and a half percent of the company’s worth.
Renalytix Plc – a healthcare diagnostic company that provides AI-enabled solutions for kidney disease diagnostics and monitoring – announced their quarterly earnings data on March 30th, revealing some encouraging signs for stockholders such as Pinnacle Associates. Although Renalytix’s net margin remained negative at 1,411.70%, they posted an earnings-per-share (EPS) of ($0.14) for the quarter; beating consensus estimates by $0.01 with revenue totaling $1.19 million compared to a consensus estimate of $1.33 million.
Renalytix’s negative return on equity is currently at -239.26%. However, based on current research analyst forecasts, it is anticipated that Renalytix will post an EPS of -0.54 this year.
To stay abreast of Renalytix’s updates and other hedge funds’ moves regarding RNLX holdings or insider trades- investors are encouraged to visit HoldingsChannel.com regularly. Not only will this action provide users with timely updates on stocks but also ensure investment decisions remain well informed and accurate for better possible returns in the long run.
Overall, although still narrowly owning just over one percent of RNLX publicly traded shares, Pinnacle Associates’ recent split in shares could indicate one bullish outlook on Renalytix’s future prospects. Furthermore, it is essential always to keep tabs on the RNLX stock performance, including the company’s latest earnings results and industry trends to make the most informed investment decisions.
Renalytix Plc Sees Increased Institutional Investment and Develops AI-Enabled Diagnostic Solutions for Kidney Diseases
Renalytix Plc is a healthcare company focused on developing artificial intelligence (AI)-enabled in vitro diagnostic solutions for kidney diseases. Its innovative diagnostic platform, KidneyIntelX, combines different data inputs from electronic health record systems, validated blood-based biomarkers, and inherited genetics to generate a unique patient risk score. The company recently saw several institutional investors modify their holdings in Renalytix, including Envestnet Asset Management Inc., which increased its holdings by 22.2%, and Advisor Group Holdings Inc., which increased its holdings by 53.3%. Additionally, State Street Corp increased its Renalytix holdings by 58% during Q1 and now owns 21,093 shares of the company’s stock valued at $146,000 after buying an additional 7,747 shares during the period.
North Star Investment Management Corp., which bought an additional 8,000 shares during the fourth quarter of last year, now owns 26,000 shares of the company’s stock valued at $49,000. Private Advisor Group LLC also purchased a new position in Renalytix during Q1 valued at approximately $92,000. Notably, hedge funds and other institutional investors own around 11.81% of RNLX stock.
NASDAQ:RNLX opened at $2.46 on Tuesday with a twelve-month low of $1.05 and a twelve-month high of $6.18. The firm’s fifty day simple moving average was $2.74 while its 200-day simple moving average was $2.17.
Several analysts have weighed in on RNLX recently as well with mixed ratings and target prices adjustments. BTIG Research lowered their target price from $4 to $3.50 but maintained their “buy” rating while HC Wainwright lowered their target price from $8 to $5 but maintained a “buy” rating for the company.
Renalytix Plc leads the way in developing innovative diagnostic solutions for kidney diseases utilizing AI algorithms, validated blood-based biomarkers, and inherited genetics data. With continued institutional investment and advancements in its technologies, Renalytix may provide a brighter future for patients with kidney diseases. To learn more about Renalytix’s holdings and insider trades, visit holdingschannel.com to access the latest 13F filings.