Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Rani Therapeutics Holdings (RANI – Research Report). The associated price target is $16.00.
Mitchell Kapoor assigned a Buy rating to Rani Therapeutics Holdings, justifying it due to a range of factors. Kapoor is encouraged by the company’s financial performance in the third quarter of 2023, which showed a net loss narrower than expected. The company’s R&D and SG&A expenses were also lower than projected, contributing to the improved financial standing. Furthermore, the company’s available cash, cash equivalents, and marketable securities amount to approximately $60.5 million, which is expected to sustain the company’s operations for a minimum of one year.
Kapoor’s optimism also stems from the potential of Rani’s RaniPill platform, especially in the delivery of Humira (adalimumab) orally. Kapoor maintains a focus on RT-102 in the treatment of osteoporosis, believing that positive data will validate the RaniPill platform’s use across various therapeutic indications. Kapoor also considers Rani undervalued, especially in relation to its historical success in the drug delivery space. Kapoor sees parallels between Rani’s RaniPill platform and Halozyme’s Enhanze platform, suggesting that Rani may replicate Halozyme’s success and stock price appreciation. Lastly, Kapoor anticipates significant clinical progress for Rani in the next 12 months, based on the potential development milestones for the company’s pipeline programs.
Kapoor covers the Healthcare sector, focusing on stocks such as Halozyme, Rani Therapeutics Holdings, and Carisma Therapeutics. According to TipRanks, Kapoor has an average return of -23.6% and a 19.72% success rate on recommended stocks.
In another report released on November 3, Canaccord Genuity also maintained a Buy rating on the stock with a $26.00 price target.
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Rani Therapeutics Holdings (RANI) Company Description:
Rani Therapeutics Holdings Inc is a clinical stage biotherapeutics company advancing technologies to enable the development of orally administered biologics. It has developed the RaniPill capsule, proprietary and patented platform technology, intended to replace subcutaneous or IV injection of biologics with oral dosing.
Read More on RANI:
- Rani Therapeutics Reports Third Quarter 2023 Financial Results; Provides Corporate Update
- Rani Therapeutics sees Q3 net loss $17M-$19M vs $16.2M last year
- Rani Therapeutics announces preclinical data on RaniPill platform
- Rani announces oral delivery of monoclonal antibody via high-capacity pill
- Rani Therapeutics Announces Successful Oral Delivery of Monoclonal Antibody via High-Capacity Pill in Preclinical Study
