Rani Therapeutics price target raised to $10 from $5 at Maxim

Maxim raised the firm’s price target on Rani Therapeutics (RANI) to $10 from $5 and keeps a Buy rating on the shares after the company announced a licensing deal with Chugai Pharmaceutical for RaniPill technology and a concurrent private placement to raise $60M in proceeds. The Chugai deal offers both non-dilutive financing as well as “key validation” for RaniPill, the analyst tells investors.