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

Rani Therapeutics (NASDAQ:RANI)‘s stock had its “buy” rating reissued by analysts at Canaccord Genuity Group in a note issued to investors on Wednesday,Benzinga reports. They currently have a $9.00 price objective on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 482.52% from the stock’s previous close.

Separately, HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Rani Therapeutics in a research report on Friday, February 7th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Rani Therapeutics currently has an average rating of “Buy” and a consensus price target of $12.33.

Rani Therapeutics Stock Up 5.5 %

Shares of RANI stock traded up $0.08 during mid-day trading on Wednesday, reaching $1.55. 78,962 shares of the company’s stock traded hands, compared to its average volume of 1,355,760. Rani Therapeutics has a 12 month low of $1.24 and a 12 month high of $8.75. The company’s 50-day moving average price is $1.46 and its 200-day moving average price is $2.06. The company has a market cap of $88.51 million, a P/E ratio of -1.46 and a beta of 0.16. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 2.34.

Insider Buying and Selling

In related news, insider Kate Mckinley acquired 17,960 shares of the stock in a transaction on Friday, December 13th. The shares were bought at an average price of $1.67 per share, with a total value of $29,993.20. Following the completion of the purchase, the insider now owns 17,960 shares of the company’s stock, valued at approximately $29,993.20. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 53.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rani Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP purchased a new position in Rani Therapeutics in the 4th quarter valued at approximately $399,000. Stifel Financial Corp boosted its stake in shares of Rani Therapeutics by 100.4% in the 3rd quarter. Stifel Financial Corp now owns 269,768 shares of the company’s stock valued at $583,000 after buying an additional 135,148 shares during the period. Takeda Pharmaceutical Co. Ltd. acquired a new position in shares of Rani Therapeutics during the fourth quarter worth about $278,000. Geode Capital Management LLC increased its stake in shares of Rani Therapeutics by 14.3% during the third quarter. Geode Capital Management LLC now owns 172,261 shares of the company’s stock worth $372,000 after buying an additional 21,527 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in Rani Therapeutics in the fourth quarter worth approximately $151,000. Hedge funds and other institutional investors own 30.19% of the company’s stock.

About Rani Therapeutics

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.