Insider Buying: Rani Therapeutics (NASDAQ:RANI) Director Buys $24,840.00 in Stock

Key Points

• Director Mir Imran purchased 36,000 Rani Therapeutics shares at an average price of $0.69, investing $24,840 and increasing his ownership by 1.73% to 2.12 million shares.
• Rani Therapeutics shares rose 1.6% to $0.82, while the company reported quarterly EPS of -$0.04—better than estimates—and revenue of $1.71 million.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $8.75, though the stock remains well below its 12-month high of $3.87.

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI - Get Free Report) Director Mir Imran acquired 36,000 shares of the firm's stock in a transaction on Tuesday, July 21st. The stock was purchased at an average cost of $0.69 per share, with a total value of $24,840.00. Following the completion of the transaction, the director owned 2,119,334 shares in the company, valued at $1,462,340.46. The trade was a 1.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link.

Rani Therapeutics Stock Up 1.6%

Shares of Rani Therapeutics stock traded up $0.01 during trading hours on Tuesday, hitting $0.82. 170,538 shares of the company's stock traded hands, compared to its average volume of 1,047,185. Rani Therapeutics Holdings, Inc. has a twelve month low of $0.44 and a twelve month high of $3.87. The company has a market cap of $101.95 million, a PE ratio of -2.01 and a beta of 0.78. The stock has a 50 day simple moving average of $0.81 and a 200-day simple moving average of $1.03.

Rani Therapeutics (NASDAQ:RANI - Get Free Report) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate 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 research analysts predict that Rani Therapeutics Holdings, Inc. will post -0.17 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wall Street Zen raised shares of Rani Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Canaccord Genuity Group reissued a "buy" rating and set a $5.00 price objective on shares of Rani Therapeutics in a report on Wednesday, May 20th. Lake Street Capital assumed coverage on shares of Rani Therapeutics in a research report on Tuesday, April 14th. They issued a "buy" rating and a $9.00 target price for the company. Finally, Weiss Ratings lowered shares of Rani Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.75.

Hedge Funds Weigh In On Rani Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its stake in Rani Therapeutics by 519.8% during the fourth quarter. State Street Corp now owns 387,042 shares of the company's stock valued at $523,000 after purchasing an additional 324,600 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Rani Therapeutics in the 4th quarter worth about $465,000. Goldman Sachs Group Inc. acquired a new position in shares of Rani Therapeutics in the 4th quarter valued at about $386,000. Citadel Advisors LLC grew its position in shares of Rani Therapeutics by 199.0% during the 3rd quarter. Citadel Advisors LLC now owns 452,542 shares of the company's stock valued at $226,000 after buying an additional 301,193 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Rani Therapeutics during the 4th quarter valued at about $220,000. Institutional investors and hedge funds own 30.19% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.