Rani Therapeutics (NASDAQ:RANI) Stock Price Up 7% – Here’s What Happened

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI)’s share price shot up 7% during trading on Tuesday . The stock traded as high as $0.77 and last traded at $0.75. 407,052 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 797,445 shares. The stock had previously closed at $0.70.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Oppenheimer cut their price objective on shares of Rani Therapeutics from $14.00 to $4.00 and set an “outperform” rating on the stock in a report on Friday, May 16th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Rani Therapeutics in a research report on Thursday, April 3rd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $9.00 price objective on shares of Rani Therapeutics in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Rani Therapeutics has a consensus rating of “Buy” and a consensus price target of $9.40.

Rani Therapeutics Price Performance

The firm has a market capitalization of $43.06 million, a price-to-earnings ratio of -0.71 and a beta of 0.25. The company has a fifty day moving average price of $1.13 and a two-hundred day moving average price of $1.49. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 2.34.

Rani Therapeutics (NASDAQ:RANI) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.22) earnings per share for the quarter, meeting the consensus estimate of ($0.22). The firm had revenue of $0.20 million during the quarter. On average, equities research analysts expect that Rani Therapeutics Holdings, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Rani Therapeutics

Large investors have recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new stake in shares of Rani Therapeutics in the fourth quarter valued at approximately $37,000. Virtu Financial LLC acquired a new stake in shares of Rani Therapeutics during the fourth quarter worth $62,000. Insigneo Advisory Services LLC acquired a new stake in shares of Rani Therapeutics during the fourth quarter worth $65,000. King Luther Capital Management Corp raised its position in Rani Therapeutics by 75.8% in the first quarter. King Luther Capital Management Corp now owns 58,000 shares of the company’s stock worth $73,000 after acquiring an additional 25,000 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in Rani Therapeutics in the first quarter worth $105,000. 30.19% of the stock is owned by institutional investors and hedge funds.

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.