Canaccord Genuity Group Reaffirms Buy Rating for Rani Therapeutics (NASDAQ:RANI)

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

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

Rani Therapeutics Price Performance

NASDAQ:RANI traded up $0.16 during trading hours on Wednesday, hitting $1.05. The company’s stock had a trading volume of 630,669 shares, compared to its average volume of 1,071,494. Rani Therapeutics has a twelve month low of $0.39 and a twelve month high of $3.87. The stock has a fifty day simple moving average of $0.99 and a 200-day simple moving average of $1.32. The company has a market capitalization of $129.26 million, a P/E ratio of -2.53 and a beta of 0.74.

Rani Therapeutics (NASDAQ:RANI) last issued its earnings results on Friday, May 15th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. The business had revenue of $1.71 million for the quarter, compared to analyst estimates of $1.13 million. On average, equities analysts predict that Rani Therapeutics will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Rani Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. acquired a new position in Rani Therapeutics in the fourth quarter valued at approximately $40,000. Virtu Financial LLC bought a new stake in shares of Rani Therapeutics in the 4th quarter valued at $69,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Rani Therapeutics in the 4th quarter valued at $93,000. Farallon Capital Management LLC acquired a new position in shares of Rani Therapeutics during the 4th quarter valued at $105,000. Finally, Kestra Private Wealth Services LLC boosted its stake in 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 acquiring an additional 70,002 shares in the last quarter. 30.19% of the stock is currently owned by institutional investors.

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.