Rani Therapeutics’ (RANI) Buy Rating Reiterated at Canaccord Genuity Group

Rani Therapeutics (NASDAQ:RANI)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $5.00 target price on the stock. Canaccord Genuity Group’s target price points to a potential upside of 378.47% from the stock’s previous close.

A number of other research firms have also recently weighed in on RANI. Weiss Ratings restated a “sell (d-)” rating on shares of Rani Therapeutics in a research note on Friday, March 27th. Wall Street Zen raised shares of Rani Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday. Lake Street Capital initiated coverage on shares of Rani Therapeutics in a report on Tuesday, April 14th. They issued a “buy” rating and a $9.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $11.00 price objective on shares of Rani Therapeutics in a research report on Friday, March 27th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.75.

Rani Therapeutics Stock Performance

Rani Therapeutics stock traded up $0.16 during midday trading on Wednesday, reaching $1.05. 630,669 shares of the company’s stock were exchanged, compared to its average volume of 1,071,494. Rani Therapeutics has a 52 week low of $0.39 and a 52 week high of $3.87. The firm has a market cap of $129.26 million, a price-to-earnings ratio of -2.53 and a beta of 0.74. The stock’s 50-day simple moving average is $0.99 and its 200 day simple moving average is $1.32.

Rani Therapeutics (NASDAQ:RANI) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $1.71 million during the quarter, compared to the consensus estimate of $1.13 million. Research analysts forecast that Rani Therapeutics will post -0.24 earnings per share for the current year.

Institutional Trading of Rani Therapeutics

Several large investors have recently modified their holdings of the stock. Kestra Private Wealth Services LLC raised its stake in Rani Therapeutics by 4.1% in the first quarter. Kestra Private Wealth Services LLC now owns 265,159 shares of the company’s stock valued at $195,000 after purchasing an additional 10,347 shares in the last quarter. Virtu Financial LLC bought a new position in Rani Therapeutics in the 4th quarter valued at about $69,000. Millennium Management LLC bought a new position in Rani Therapeutics in the 4th quarter valued at about $220,000. Bridgeway Capital Management LLC acquired a new position in shares of Rani Therapeutics in the 4th quarter valued at approximately $155,000. Finally, 683 Capital Management LLC acquired a new position in shares of Rani Therapeutics in the 4th quarter valued at approximately $658,000. 30.19% of the stock is owned by institutional investors and hedge funds.

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.