Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) Short Interest Down 41.6% in October

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 1,490,000 shares, a drop of 41.6% from the October 15th total of 2,550,000 shares. Approximately 7.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,610,000 shares, the short-interest ratio is presently 0.9 days.

Analysts Set New Price Targets

Several research firms have commented on RANI. Oppenheimer started coverage on shares of Rani Therapeutics in a research report on Friday, August 2nd. They issued an “outperform” rating and a $17.00 target price for the company. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Rani Therapeutics in a report on Friday, October 18th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Rani Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $11.71.

Insider Activity at Rani Therapeutics

In other Rani Therapeutics news, major shareholder South Cone Investments Limited sold 3,829,360 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $2.65, for a total transaction of $10,147,804.00. Following the sale, the insider now directly owns 8,302,194 shares in the company, valued at $22,000,814.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 53.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new stake in shares of Rani Therapeutics during the second quarter worth about $81,000. King Luther Capital Management Corp boosted its holdings in Rani Therapeutics by 44.5% during the third quarter. King Luther Capital Management Corp now owns 81,129 shares of the company’s stock valued at $175,000 after acquiring an additional 25,000 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Rani Therapeutics by 2.5% in the first quarter. Vanguard Group Inc. now owns 685,303 shares of the company’s stock valued at $2,131,000 after buying an additional 16,956 shares during the period. Institutional investors and hedge funds own 30.19% of the company’s stock.

Rani Therapeutics Trading Down 3.9 %

Shares of NASDAQ RANI traded down $0.10 during trading on Wednesday, reaching $2.47. The stock had a trading volume of 260,024 shares, compared to its average volume of 547,726. The business’s 50-day moving average price is $2.40 and its 200-day moving average price is $3.48. Rani Therapeutics has a fifty-two week low of $1.90 and a fifty-two week high of $8.75. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 3.10.

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.