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- 1 Renalytix PLC (NASDAQ: RNLX) stock reflected an impressive upper trend after its KidneyIntelX.dkd prognostic testing platform was approved.
- 2 RNLX stock price reflected an unusual upper movement of 41.75%.
Renalytix PLC (NASDAQ: RNLX) stock price impressed the market on the June 30 trading session when its prices jumped more than 43%. It opened trading at $2.89, dipped to $2.59, hit a high of $3.37, and closed trading at $2.92 with an intraday trading volume of 32.561 Million.
In the past week, RNLX stock price reflected an unusual upper movement of 41.75%, and stock prices jumped more than 34% monthly. In the 52-week trading session, the highest trading price of RNLX stock was $3.92, while the lowest was $1.05.
The annual price target of RNLX stock is $4.93, which is 68% above the current trading price. Technical indicators and analyst ratings of TradingView suggest buying the stock as its price might surge higher in the future.
Recent News Related to Renalytix PLC
On Friday’s trading session, RNLX stock reflected a majority of buyers in the market compared to the number of sellers. It is notable that Renalytix PLC announced on Friday that the US Food and Drug Administration (FDA) had approved the marketing of its KidneyIntelX.dkd prognostic testing platform.
According to the London-based renal health diagnostics company, the FDA
clearance will lead to increased test usage, insurance coverage, and future international regulatory approvals. The KidneyIntelX.dkd platform is used to manage type 2 diabetes and kidney disease.
CEO James McCullough states, “Meeting the rigorous safety, clinical and analytical validation, and scientific data requirements of an FDA review, from breakthrough device designation to de novo marketing authorization, is a landmark event for health care providers and patients with diabetic kidney disease.”
Renalytix PLC (NASDAQ: RNLX) Earnings & Revenue
In Q1, Q2, and Q3 2023, Renalytix PLC has constantly reported less revenue than the estimated figures. In Q1, the revenue of the company declined by over 11%. It was expected to report $1.10 million, but it reported only $969,000.
The estimated revenue of Q2 was $1.28 million, but it reported an amount that was 7.12% lower. In Q3, the company was expected to report $1.48 million in revenue but it reported only $724,000 in revenue, which is 51.08% lower than the estimated figures.
Earnings Per Share (EPS) has reflected a continued decline from Q1 to Q3 2023. In the first quarter, the reported EPS was 169% lower than the estimated figures, and in Q2, the EPS was 2.44% lower than the projections, and 24% lower EPS were reported in Q3. The projected income for Q4 2023 is $823,330.
The revenue-to-profit conversion of Renalytix PLC consists of 13% gross profit, -1774% Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), -1791% Earnings before interest and taxes (EBIT), and -1524% net income. Artificial Intelligence-enabled in vitro diagnostics is a significant source of the company’s revenue. As of now, it majorly leads its operations in the United Kingdom.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
