Canaccord Genuity Group Lowers Rani Therapeutics (NASDAQ:RANI) Price Target to $5.00

Rani Therapeutics (NASDAQ:RANI) had its price target dropped by stock analysts at Canaccord Genuity Group from $9.00 to $5.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Other analysts have also issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of Rani Therapeutics in a report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Rani Therapeutics in a research report on Friday. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

Rani Therapeutics Price Performance

Shares of NASDAQ RANI traded up $0.07 during trading on Wednesday, hitting $0.81. 2,321,800 shares of the company were exchanged, compared to its average volume of 1,171,756. Rani Therapeutics has a 1 year low of $0.39 and a 1 year high of $3.87. The company has a market cap of $97.86 million, a price-to-earnings ratio of -1.37 and a beta of 0.39. The firm’s fifty day moving average price is $1.25 and its 200 day moving average price is $1.32.

Rani Therapeutics (NASDAQ:RANI) last announced its quarterly earnings data on Thursday, March 26th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.04). The company had revenue of $1.46 million for the quarter, compared to analysts’ expectations of $5.00 million. On average, research analysts forecast that Rani Therapeutics will post -1.01 earnings per share for the current year.

Institutional Trading of Rani Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RANI. Armistice Capital LLC acquired a new position in shares of Rani Therapeutics during the 2nd quarter valued at $1,619,000. CWA Asset Management Group LLC increased its holdings in Rani Therapeutics by 80.0% in the 3rd quarter. CWA Asset Management Group LLC now owns 150,000 shares of the company’s stock valued at $75,000 after purchasing an additional 66,667 shares in the last quarter. Citadel Advisors LLC raised its position in Rani Therapeutics by 199.0% in the third quarter. Citadel Advisors LLC now owns 452,542 shares of the company’s stock valued at $226,000 after purchasing an additional 301,193 shares during the period. Kestra Private Wealth Services LLC lifted its stake in shares of Rani Therapeutics by 44.8% during the third quarter. Kestra Private Wealth Services LLC now owns 226,142 shares of the company’s stock worth $113,000 after purchasing an additional 70,002 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Rani Therapeutics during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 30.19% of the company’s stock.

Rani Therapeutics Company Profile

Rani Therapeutics is a clinical-stage biopharmaceutical company developing oral delivery technologies for large-molecule drugs. The company’s proprietary RaniPill platform is designed to enable the gastrointestinal delivery of biologic therapies traditionally administered via injection. Through a swallowable capsule that autonomously deploys a microscopic injector in the small intestine, Rani aims to improve patient convenience and adherence for peptide and protein therapies, including insulin and other hormones.

Since its founding in 2012, Rani Therapeutics has advanced its lead programs through early-phase clinical trials, demonstrating proof-of-concept for oral insulin delivery.