Canaccord lowered the firm’s price target on Rani Therapeutics (RANI) to $5 from $9 and keeps a Buy rating on the shares. The firm updated its model after the company reported financial results and business highlights for 4Q25 and FY2025. Rani initiated a Phase I clinical study in Australia for RT-114, the GLP-1/GLP-2 dual agonist, for the treatment of obesity. We estimate that the data will be reported in 2H26, given the Phase I trial size and design.
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