Rani Therapeutics (NASDAQ:RANI) Shares Up 1.6% – Here’s Why

Shares of Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) traded up 1.6% during trading on Wednesday . The company traded as high as $1.34 and last traded at $1.30. 430,540 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 934,388 shares. The stock had previously closed at $1.28.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RANI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rani Therapeutics in a research note on Monday, December 29th. HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of Rani Therapeutics in a research report on Friday, January 9th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Rani Therapeutics Trading Up 1.6%

The firm has a 50-day simple moving average of $1.36 and a 200-day simple moving average of $1.17. The firm has a market cap of $157.96 million, a P/E ratio of -1.65 and a beta of 0.41.

Hedge Funds Weigh In On Rani Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new stake in shares of Rani Therapeutics in the 4th quarter valued at about $220,000. Bridgeway Capital Management LLC acquired a new stake in Rani Therapeutics in the fourth quarter valued at approximately $155,000. 683 Capital Management LLC purchased a new position in Rani Therapeutics in the fourth quarter worth $658,000. RA Capital Management L.P. acquired a new position in shares of Rani Therapeutics during the fourth quarter worth $11,475,000. Finally, Farallon Capital Management LLC purchased a new stake in shares of Rani Therapeutics during the 4th quarter valued at $105,000. 30.19% of the stock is currently owned by institutional investors.

About Rani Therapeutics

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.