RANI Stock Today, 28 November 2025: Price Action, Options Expiry and Outlook After the $1 Billion Chugai Deal

Rani Therapeutics Holdings, Inc. (NASDAQ: RANI) is finishing November with quieter headlines but still very lively trading. As of today, 28 November 2025, the biotech micro‑cap is consolidating after its spectacular October surge on the back of a transformative collaboration with Japan’s Chugai Pharmaceutical and a $60.3 million private placement that extended its cash runway into 2028. ^[1]

Crucially for anyone looking for “RANI stock news today”:

There are no new company press releases or SEC filings dated 28 November 2025.
Today’s move is being driven mainly by price action, options expiry, and the market digesting earlier catalysts rather than fresh headlines. ^[2]

Below is a detailed, Google News–friendly breakdown of where RANI stands today, what’s driving sentiment, and what to watch next.

RANI stock price on 28 November 2025

Across major data providers, RANI is trading in the high $1.50s this afternoon, modestly lower on the day:

Last trade (intraday): around $1.59
Day range: roughly $1.56 – $1.64 ^[3]
Previous close (27 Nov 2025): about $1.62 ^[4]
52‑week range: approximately $0.39 – $3.87 ^[5]
Market capitalisation: clustered around $190–200 million, depending on source, with ~97.5 million shares outstanding. ^[6]

Prices vary slightly between quote vendors, but the picture is clear: RANI is down a few percent today, yet still trades several times above its pre‑October levels.

That’s a key point: before the Chugai deal in mid‑October, RANI was a sub‑$1 penny stock trading around $0.47. After the announcement, shares spiked intraday to around $1.37 and closed near $1.64, a move of roughly +190–250% in a single session. ^[7]

Even after recent pullbacks, RANI stock is still multiple times higher than it was just six weeks ago.

No fresh Rani Therapeutics headlines today – but the backdrop is busy

1. Last official company news: Evercore conference appearance

The most recent corporate communication is a 24 November 2025 press release confirming that Rani will participate in the Evercore ISI HealthCONx Conference, with a fireside chat scheduled for 3 December 2025. ^[8]

While not a price‑moving catalyst by itself, investor conferences often matter for tone: management can update investors on the Chugai collaboration, RT‑114 development and funding runway.

2. Q3 2025 results and corporate update (6 November)

On 6 November 2025, Rani reported third‑quarter 2025 results and issued a broad corporate update. Key points: ^[9]

Chugai deal & cash runway
- Collaboration and license agreement with Chugai Pharmaceutical worth up to $1.085 billion in potential milestones and royalties across multiple programs. ^[10]
- Oversubscribed $60.3 million private placement closed in October, with participation from specialist life‑science funds including Samsara BioCapital, RA Capital and others. ^[11]
- Management now expects the combined proceeds (private placement + Chugai upfront and expected early milestones) to fund operations into 2028. ^[12]
Financials
- Cash, cash equivalents and marketable securities: about $4.1 million as of 30 September 2025, down sharply from $27.6 million at year‑end 2024, before factoring in the October financing and Chugai cash inflows. ^[13]
- Q3 R&D expense: roughly $3.2 million; G&A: about $4.0 million; net loss: approximately $7.9 million, an improvement versus Q3 2024. ^[14]
Pipeline and data
- Rani highlighted preclinical data showing that oral semaglutide (RT‑116) delivered via the RaniPill capsule achieved comparable bioavailability and weight‑loss effects to subcutaneous injections in animals. ^[15]
- The company reiterated plans to initiate a Phase 1 trial for RT‑114, a bispecific GLP‑1/GLP‑2 agonist developed with ProGen, by the end of 2025. ^[16]

The Q3 release effectively codified the “new Rani” story: still a cash‑burning clinical‑stage biotech, but now backed by a major pharma partner and a far stronger balance sheet than it had earlier in 2025.

How the October Chugai mega‑deal transformed RANI

On 17 October 2025, Rani announced a sweeping collaboration and license agreement with Chugai Pharmaceutical, a Roche‑controlled Japanese pharmaceutical company. ^[17]

Deal economics and scope

According to company filings and independent research: ^[18]

Upfront payment: $10 million in cash from Chugai.
Milestones:
- Tens of millions in technology transfer and development milestones (estimates vary, but around $75 million in one breakdown). ^[19]
- Up to $100 million in sales‑based milestones tied to commercial performance. ^[20]
Royalties: single‑digit percentage royalties on net sales if products reach market. ^[21]
Scope:
- Initially anchored around a next‑generation oral therapy for hemophilia A, delivered using Rani’s high‑capacity RaniPill (RP‑HC) device and positioned as a successor to Hemlibra. ^[22]
- Chugai also secures options on up to five additional high‑value targets, underlining the strategic nature of the platform deal. ^[23]

Simultaneous financing and board refresh

Alongside the Chugai announcement, Rani executed a $60.3 million private placement: ^[24]

Issued 42.6 million Class A shares at $0.48, plus 82.4 million pre‑funded warrants at nearly the same effective price.
Attached 125 million five‑year common warrants with a $0.48 exercise price, subject to shareholder approval.
Converted $6 million of debt into equity, reducing leverage. ^[25]
Added two new board members (Abe Bassan from Samsara and Dr. Vasudev Bailey from Anomaly), deepening its life‑science investor representation. ^[26]

The trade‑off is obvious: Rani’s cash runway improved dramatically, but potential dilution became very large, with up to ~250 million shares registered for resale including warrants and pre‑funded warrants. ^[27]

Market reaction was euphoric. On the day of the announcement, RANI shares nearly tripled intraday, lifting the stock well above Nasdaq’s $1 minimum bid requirement and sharply increasing its market cap. ^[28]

Nasdaq listing risk: largely addressed, but not gone forever

Earlier in 2025, Rani was under serious delisting pressure:

In May 2025, Nasdaq notified the company that its Market Value of Listed Securities (MVLS) had fallen below the required $50 million. ^[29]
In June 2025, Nasdaq separately flagged Rani for failing to meet the $1 minimum bid price requirement for 30 consecutive business days. ^[30]

However, the Q3 2025 10‑Q, filed on 6 November 2025, delivered important good news:

On 4 November 2025, Nasdaq informed Rani that it had regained compliance with both:
- Minimum bid price rule (Rule 5450(a)(1)): shares traded at $1.00 or more for 10 consecutive business days between 21 October and 3 November.
- Minimum MVLS rule (Rule 5450(b)(2)(A)): market value exceeded $50 million for 10 consecutive business days between 17 October and 30 October. ^[31]

In short, thanks to the Chugai deal and financing, Rani has removed the immediate threat of Nasdaq delisting. That said, the company itself warns that future weakness could put it back out of compliance if the share price or market value were to sink again. ^[32]

For investors, this turns Nasdaq risk from an urgent overhang into a background risk to monitor rather than a near‑term binary event.

Options expiration: 28 November 2025 adds extra volatility

Today is also notable because a large set of RANI options expires on 28 November 2025, which is likely contributing to the choppy intraday trading.

Data from Investing.com, Nasdaq and MarketWatch show: ^[33]

Multiple call and put series expiring today across strikes from $1.00 to $2.00.
Heavy open interest in near‑the‑money contracts:
- Around the $1.00 and $1.50 strikes, especially on the put side, with hundreds of contracts outstanding at some strikes.
Recent prints show, for example:
- $1.50 calls (28 Nov 2025) trading around $0.11 with notable open interest.
- $1.00 and $1.50 puts with substantial open interest (e.g. 273 and 346 contracts referenced for some strikes). ^[34]

For a micro‑cap biotech like Rani, even a few hundred contracts can create meaningful delta‑hedging flows, amplifying price swings as market makers adjust positions into the close.

Practically, that means today’s move may say more about short‑term positioning than about any change in the company’s long‑term fundamentals.

How Wall Street currently rates RANI stock

Despite its small size and high risk, Rani Therapeutics now has a surprisingly bullish analyst following.

Consensus price targets

TipRanks:
- 3 analysts cover RANI.
- Rating consensus: “Strong Buy”.
- 12‑month price target: $10.00, implying over 500% upside from current levels. ^[35]
Quiver Quantitative (aggregating sell‑side data):
- Notes three recent targets: $11 (HC Wainwright), $10 (Maxim Group), and $4 (Oppenheimer), with a median around $10. ^[36]
StockAnalysis.com:
- Shows an average target in the high‑single‑digit range (around $8–9) with an overall “Strong Buy” stance. ^[37]

In other words, most published models still assume RANI can be worth 4–6x more than today’s price if its pipeline and partnerships deliver.

Fundamental snapshot: cash runway versus ongoing losses

Even after the Chugai deal and financing, Rani remains a pre‑revenue, loss‑making biotech:

Cash position (pre‑deal): only $4.1 million at 30 September 2025. ^[39]
Quarterly burn: net loss of about $7.9 million in Q3 2025, following double‑digit million losses in prior quarters. ^[40]
Debt: around $13–18 million in venture debt, partially reduced after converting $6 million into equity in October. ^[41]

Post‑financing and Chugai payments, management and external analysts estimate that pro forma cash & expected near‑term milestones give Rani an operational runway into 2028, assuming spending tracks current projections. ^[42]

However:

The company has no approved products.
Revenue so far has been minimal and largely collaboration‑related, not commercial product sales. ^[43]

That means RANI stock is still fundamentally a bet on future clinical and partnering success, not on established cash flows.

Technical picture: still a very volatile trade

Short‑term technical analysis sites paint RANI as a high‑risk, high‑volatility name:

StockInvest notes that on 26 November 2025, the stock closed at $1.64, up 1.86% on the day, with a 7% intraday swing between the low and high. Over the last 10 sessions, RANI is still down about 22%, even after the October explosion. ^[44]
Daily volatility around 10–12% has been common in recent weeks, which is far above large‑cap norms. ^[45]

Support and resistance zones are fluid in such a volatile name, but:

There is visible support in the low‑$1.50s to high‑$1.30s region, where recent pullbacks have found buyers. ^[46]
Resistance sits near the $1.70–$1.80 area and then more meaningfully around $2.50–$3.00, where the stock briefly traded in the immediate post‑deal spike. ^[47]

For short‑term traders, today’s options expiry and elevated volatility make RANI a classic “trader’s stock”: moves can be violent in both directions, and liquidity can thin out quickly outside regular hours.

What to watch after 28 November 2025

While today itself is relatively quiet on the news front, several near‑term catalysts remain in play:

Evercore HealthCONx appearance (early December)
- Any updated commentary on the Chugai collaboration, RT‑114 timeline, or additional partnering talks could move the stock. ^[48]
RT‑114 Phase 1 initiation and obesity‑pipeline progress
- Investors will closely watch whether Rani hits its goal of starting RT‑114 Phase 1 by year‑end and how quickly it can move through early dose‑escalation studies. ^[49]
Additional partnerships or follow‑on Chugai programs
- The current Chugai agreement includes options on multiple additional targets. Exercise of these options, or new collaborations with other pharmas, would be powerful validation of the RaniPill platform. ^[50]
Execution on dilution and overhang from new shares/warrants
- With 250 million+ shares registered for potential resale (shares + warrants + pre‑funded warrants), how and when major holders choose to sell or exercise could weigh on the stock or, if managed carefully, be absorbed by the market. ^[51]
Maintaining Nasdaq compliance over time
- While Rani has regained compliance with both the minimum bid price and MVLS rules as of early November, any sustained slide back below $1 or a sharp drop in market value could reignite delisting concerns. ^[52]

Is RANI stock a buy after today’s pullback?

From a purely informational standpoint:

Bullish case:
- Transformative partnership with a top‑tier pharma (Chugai). ^[53]
- Extended cash runway into 2028, reducing near‑term financing risk. ^[54]
- Strong analyst enthusiasm with multi‑bagger price targets relative to today. ^[55]
Bearish case:
- No approved drugs; the story still hinges on early‑stage clinical success. ^[56]
- Large potential dilution from warrants and pre‑funded warrants. ^[57]
- High volatility and a history of Nasdaq deficiency notices mean risk of sharp drawdowns remains real, even after compliance was restored. ^[58]

For traders and investors reading RANI stock coverage on Google News or Discover, the key takeaway today is:

28 November 2025 is more about position‑squaring and options expiry than about new corporate developments.
The core Rani story still revolves around the October Chugai deal, the October financing, the November Q3 update, and the company’s ability to execute on its obesity and hemophilia pipeline over the next several years.

Important disclaimer

This article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. RANI is a high‑risk micro‑cap biotech; anyone considering the stock should do thorough independent research and, where appropriate, consult a qualified financial adviser.

RANI STOCK: WATCH IF YOU HOLD! ($RANI)