Rani Therapeutics (NASDAQ:RANI) Price Target Cut to $9.00 by Analysts at Canaccord Genuity Group

Rani Therapeutics (NASDAQ:RANI) had its price target dropped by research analysts at Canaccord Genuity Group from $21.00 to $9.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 189.39% from the stock’s previous close.

Other equities analysts have also issued reports about the company. HC Wainwright decreased their target price on Rani Therapeutics from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday. Wedbush reiterated an “outperform” rating and issued a $8.00 price objective on shares of Rani Therapeutics in a research report on Tuesday, February 6th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rani Therapeutics currently has a consensus rating of “Buy” and an average target price of $14.00.

Rani Therapeutics Price Performance

Shares of RANI stock opened at $3.11 on Wednesday. The stock has a 50-day moving average price of $3.48 and a 200 day moving average price of $2.87. The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.96. The firm has a market cap of $155.49 million, a price-to-earnings ratio of -2.34 and a beta of 0.97. Rani Therapeutics has a 12 month low of $1.82 and a 12 month high of $5.81.

Institutional Investors Weigh In On Rani Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in RANI. JPMorgan Chase & Co. increased its holdings in shares of Rani Therapeutics by 352.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,525 shares of the company’s stock worth $27,000 after acquiring an additional 5,082 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Rani Therapeutics by 83.7% in the second quarter. Tower Research Capital LLC TRC now owns 7,048 shares of the company’s stock valued at $29,000 after acquiring an additional 3,211 shares during the period. Jane Street Group LLC acquired a new stake in shares of Rani Therapeutics in the 4th quarter valued at $76,000. Bank of America Corp DE boosted its holdings in shares of Rani Therapeutics by 250.9% in the 1st quarter. Bank of America Corp DE now owns 13,451 shares of the company’s stock valued at $69,000 after purchasing an additional 9,618 shares in the last quarter. Finally, HRT Financial LP acquired a new stake in shares of Rani Therapeutics in the 1st quarter valued at $93,000. 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.