Rani Therapeutics (NASDAQ:RANI) Announces Quarterly Earnings Results

Rani Therapeutics (NASDAQ:RANI) released its quarterly earnings results on Thursday. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03), FiscalAI reports.

Rani Therapeutics Price Performance

Rani Therapeutics stock traded down $0.25 during trading hours on Friday, hitting $2.02. 6,407,335 shares of the stock traded hands, compared to its average volume of 53,376,040. The firm’s 50 day moving average price is $1.00 and its 200-day moving average price is $0.75. The stock has a market capitalization of $145.18 million, a price-to-earnings ratio of -2.56 and a beta of 0.38. Rani Therapeutics has a 1 year low of $0.39 and a 1 year high of $3.87.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Maxim Group raised their price objective on Rani Therapeutics from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Wall Street Zen raised Rani Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Rani Therapeutics in a research note on Friday, October 31st. Finally, HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of Rani Therapeutics in a report on Tuesday, October 21st. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.50.

Insider Transactions at Rani Therapeutics

In related news, major shareholder South Cone Investments Limited sold 4,000,000 shares of Rani Therapeutics stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $2.77, for a total transaction of $11,080,000.00. Following the completion of the sale, the insider owned 2,379,194 shares of the company’s stock, valued at $6,590,367.38. The trade was a 62.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mir A. Imran purchased 2,083,334 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The stock was acquired at an average price of $0.60 per share, for a total transaction of $1,250,000.40. Following the acquisition, the director owned 2,083,334 shares in the company, valued at $1,250,000.40. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 45.08% of the company’s stock.

Institutional Trading of Rani Therapeutics

An institutional investor recently bought a new position in Rani Therapeutics stock. Armistice Capital LLC bought a new stake in shares of Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,151,354 shares of the company’s stock, valued at approximately $1,619,000. Armistice Capital LLC owned 4.99% of Rani Therapeutics at the end of the most recent reporting period. 30.19% of the stock is currently owned by institutional investors.

Rani Therapeutics Company Profile

Rani Therapeutics Holdings, Inc operates as a clinical stage biotherapeutics company that develops orally administered biologics for patients, physicians, and healthcare systems in the United States. The company develops the RaniPill capsule, a drug-agnostic oral delivery platform to deliver a variety of drug substances, including oligonucleotides, peptides, proteins, and antibodies.