Rani Therapeutics (NASDAQ:RANI) Stock Price Down 2.3% – Should You Sell?

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI)’s stock price was down 2.3% on Wednesday . The stock traded as low as $0.66 and last traded at $0.6930. 631,483 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 589,407 shares. The stock had previously closed at $0.7093.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on RANI shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.00 price target on shares of Rani Therapeutics in a research note on Wednesday, May 20th. Wall Street Zen raised shares of Rani Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Rani Therapeutics in a report on Wednesday, June 24th. Lake Street Capital initiated coverage on shares of Rani Therapeutics in a research report on Tuesday, April 14th. They set a “buy” rating and a $9.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of Rani Therapeutics in a research note on Friday, March 27th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rani Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $8.75.

Rani Therapeutics Price Performance

The firm has a 50 day moving average of $0.87 and a two-hundred day moving average of $1.09. The stock has a market cap of $85.85 million, a PE ratio of -1.69 and a beta of 0.78.

Rani Therapeutics (NASDAQ:RANI) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $1.71 million during the quarter, compared to analyst estimates of $1.12 million. As a group, equities analysts anticipate that Rani Therapeutics Holdings, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. 683 Capital Management LLC purchased a new position in shares of Rani Therapeutics in the 4th quarter valued at $658,000. State Street Corp lifted its position in Rani Therapeutics by 519.8% in the fourth quarter. State Street Corp now owns 387,042 shares of the company’s stock valued at $523,000 after acquiring an additional 324,600 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Rani Therapeutics in the fourth quarter valued at $465,000. Goldman Sachs Group Inc. purchased a new stake in Rani Therapeutics in the fourth quarter valued at $386,000. Finally, Citadel Advisors LLC boosted its stake in Rani Therapeutics by 199.0% in the third quarter. Citadel Advisors LLC now owns 452,542 shares of the company’s stock valued at $226,000 after acquiring an additional 301,193 shares in the last quarter. Institutional investors and hedge funds own 30.19% of the company’s stock.

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.