Canaccord Genuity Group Trims Rani Therapeutics (NASDAQ:RANI) Target Price to $9.00

Rani Therapeutics (NASDAQ:RANI) had its target price lowered by Canaccord Genuity Group from $21.00 to $9.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. HC Wainwright dropped their target price on shares of Rani Therapeutics from $16.00 to $12.00 and set a buy rating for the company in a research report on Monday, March 25th. Wedbush restated an outperform rating and issued a $8.00 price target on shares of Rani Therapeutics in a report on Tuesday, February 6th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Rani Therapeutics presently has a consensus rating of Buy and a consensus price target of $14.00.

Rani Therapeutics Stock Up 2.6 %

RANI opened at $3.11 on Wednesday. The firm has a 50 day moving average price of $3.47 and a 200 day moving average price of $2.87. The company has a market cap of $155.50 million, a PE ratio of -2.34 and a beta of 0.97. Rani Therapeutics has a 1 year low of $1.82 and a 1 year high of $5.81. The company has a debt-to-equity ratio of 0.96, a quick ratio of 6.36 and a current ratio of 6.36.

Hedge Funds Weigh In On Rani Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Rani Therapeutics by 95.4% in the 3rd quarter. Vanguard Group Inc. now owns 650,978 shares of the company’s stock worth $6,236,000 after acquiring an additional 317,849 shares during the period. BlackRock Inc. boosted its stake in shares of Rani Therapeutics by 37.7% during the 1st quarter. BlackRock Inc. now owns 157,374 shares of the company’s stock valued at $2,125,000 after buying an additional 43,076 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of Rani Therapeutics by 84.9% during the 3rd quarter. Stifel Financial Corp now owns 141,904 shares of the company’s stock valued at $309,000 after buying an additional 65,144 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Rani Therapeutics by 243.7% during the 2nd quarter. Millennium Management LLC now owns 111,781 shares of the company’s stock valued at $1,155,000 after buying an additional 79,256 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Rani Therapeutics by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 97,185 shares of the company’s stock valued at $573,000 after buying an additional 2,653 shares during the last quarter. 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. The company develops the RaniPill capsule, a drug-agnostic oral delivery platform to deliver a variety of drug substances, including large molecules, such as peptides, proteins, and antibodies.