Rani Therapeutics shares hold buy rating on positive preclinical data
On Thursday, Rani Therapeutics Holdings Inc. shares maintained a positive outlook as H.C. Wainwright reaffirmed a Buy rating with a $9.00 price target. The biopharmaceutical company, known for its innovative drug delivery platform, announced encouraging pharmacokinetic data from a preclinical study. This study focused on a new oral delivery method for an incretin triagonist, which is designed to mimic the company's proprietary RaniPill™ system.
Rani Therapeutics recently shared results demonstrating that their oral delivery method for the incretin triagonist showed pharmacodynamic effects similar to those achieved with subcutaneous injections. This is significant as it suggests the potential for an oral alternative to injections for certain treatments.
The incretin triagonist under study includes a combination of glucagon-like peptide 1 (GLP-1), gastric inhibitory polypeptide (GIP), and a glucagon receptor, which are all important in metabolic regulation and obesity management.
The company has previously completed a study that showed high bioavailability of a GLP-1 receptor agonist when delivered orally using the RaniPill capsule. The RaniPill technology is central to Rani's strategy to transform injectable drugs into oral therapies.
The firm's pipeline includes RT-114, a RaniPill capsule containing a dual-agonist for GLP-1 and GLP-2, named PG-102. Rani Therapeutics is preparing to initiate a Phase 1 trial for RT-114.
Moreover, Rani is exploring options to progress with one or more molecules aimed at treating obesity. As the company moves forward with its clinical development plans, the reaffirmed Buy rating and price target reflect confidence in Rani's potential to impact the obesity treatment market with its novel drug delivery system.
In recent developments, Rani Therapeutics reported a Q2 net loss of $0.51 per share, consistent with expectations. The company also announced a collaboration with South Korean biotech firm, ProGen Co., Ltd., to co-develop and commercialize RT-114, an oral therapeutic for obesity. The two companies have agreed on a 50/50 cost and revenue share arrangement.
