Rani Therapeutics (NASDAQ:RANI) Shares Up 8.4% – Here’s What Happened

Shares of Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) shot up 8.4% during mid-day trading on Monday . The company traded as high as $0.87 and last traded at $0.70. 61,509,700 shares changed hands during mid-day trading, an increase of 5,570% from the average session volume of 1,084,809 shares. The stock had previously closed at $0.64.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RANI. Oppenheimer lowered their target price on Rani Therapeutics from $14.00 to $4.00 and set an “outperform” rating for the company in a research note on Friday, May 16th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Rani Therapeutics in a research note on Thursday, April 3rd.

Rani Therapeutics Trading Up 8.4%

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.75. The business has a 50 day moving average price of $0.60 and a 200-day moving average price of $1.11. The firm has a market cap of $40.15 million, a price-to-earnings ratio of -0.71 and a beta of -0.02.

Rani Therapeutics (NASDAQ:RANI) last issued its earnings results on Tuesday, May 13th. The company reported ($0.22) EPS for the quarter, hitting the consensus estimate of ($0.22). The firm had revenue of $0.20 million during the quarter. As a group, research analysts expect that Rani Therapeutics Holdings, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC acquired a new position in Rani Therapeutics during the 4th quarter valued at approximately $62,000. Insigneo Advisory Services LLC acquired a new position in Rani Therapeutics during the 4th quarter valued at approximately $65,000. King Luther Capital Management Corp boosted its position in Rani Therapeutics by 75.8% during the 1st quarter. King Luther Capital Management Corp now owns 58,000 shares of the company’s stock valued at $73,000 after purchasing an additional 25,000 shares during the period. CWA Asset Management Group LLC acquired a new position in Rani Therapeutics during the 1st quarter valued at approximately $105,000. Finally, Two Sigma Advisers LP acquired a new position in Rani Therapeutics during the 4th quarter valued at approximately $151,000. Institutional investors and hedge funds 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 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.