Canaccord Genuity analyst Edward Nash maintained a Buy rating on Rani Therapeutics Holdings (RANI – Research Report) yesterday and set a price target of $21.00.
Edward Nash’s Buy rating for Rani Therapeutics Holdings is influenced by several factors.
Foremost, Nash took into account adjustments based on the company’s latest financial results and changes in their clinical programs, including the discontinuation of one program and the pause of two others. Despite the changes, he maintains a positive outlook for the company, hence the reaffirmed Buy rating. Additionally, he factored in the inclusion of RT-111 in the sum-of-the-parts valuation analysis, anticipating a product launch in the U.S. by 2032. The projection assumes a 1% market penetration in its first year.
Further considerations in Nash’s rating encompassed a shift in the estimated potential approval and product launch for RT-105 from 2027 to 2032. He also adjusted the company’s OpEx projections for the remainder of 2023 and FY2024, taking into account changes in the company’s clinical programs. Nash assumes that R&D expenses will gradually increase starting in 2025, with the expectation that the paused programs may resume clinical development activities. Lastly, he removed a previously estimated $200M capital raise for the company in 2024, based on the updated cash runway. These factors collectively influenced Nash’s Buy rating for Rani Therapeutics Holdings.
Nash covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics, Akero Therapeutics, and Madrigal Pharmaceuticals. According to TipRanks, Nash has an average return of 0.0% and a 36.11% success rate on recommended stocks.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $16.00 price target.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
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
