Oppenheimer lowered the firm’s price target on Rani Therapeutics (RANI) to $4 from $14 and keeps an Outperform rating on the shares following quarterly and business update. The firm anticipates a mid-2025 initiation of the Phase 1 study for RT-114, an oral RaniPill containing 200microL of ProGen’s GLP-1/GLP-2 receptor agonist, PG-102. In March, Rani presented preclinical data demonstrating comparable bioavailability between RT-114 and subcutaneous PG-102 supporting its potential as an effective oral obesity treatment. Oppenheimer views Rani’s expansion into obesity as a value-driver, differentiated by tolerability and flexible dosing. Given the company’s financial position and advancing RT-114/obesity becoming its prime focus, the firm removes RT-111/psoriasis from its valuation.
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