Kardigan (NASDAQ:KARD) Price Target Cut to $46.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Kardigan’s price target to $46 from $51 while maintaining an “overweight” rating, implying 122.87% upside from the prior close.
• Analyst sentiment remains generally positive, with four Buy ratings and one Hold rating; the average target is $42.25, although Wall Street Zen downgraded the stock to Sell.
• Kardigan opened at $20.64 and recently reported a quarterly loss of $4.61 per share. Two directors each purchased 1.25 million shares at $16 per share, while several institutions established new positions.

Kardigan (NASDAQ:KARD - Get Free Report) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $51.00 to $46.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 122.87% from the company's previous close.

Other analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Kardigan from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Zacks Research upgraded shares of Kardigan to a "hold" rating in a research note on Wednesday, July 15th. Leerink Partners assumed coverage on shares of Kardigan in a report on Monday, July 13th. They set an "outperform" rating and a $37.00 price target for the company. TD Cowen assumed coverage on shares of Kardigan in a research note on Monday, July 13th. They set a "buy" rating and a $46.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Kardigan in a report on Monday, July 13th. They issued a "buy" rating and a $40.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Kardigan presently has an average rating of "Moderate Buy" and an average target price of $42.25.

Kardigan Trading Down 1.8%

NASDAQ:KARD opened at $20.64 on Tuesday. Kardigan has a fifty-two week low of $16.25 and a fifty-two week high of $27.00. The stock's 50 day moving average is $21.98.

Kardigan (NASDAQ:KARD - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($4.61) earnings per share for the quarter. On average, equities analysts predict that Kardigan will post -3.18 earnings per share for the current fiscal year.

Insider Activity

In other Kardigan news, Director Arch Venture Partners Xiii, Ll bought 1,250,000 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $16.00 per share, with a total value of $20,000,000.00. Following the completion of the purchase, the director directly owned 15,042,035 shares in the company, valued at approximately $240,672,560. This trade represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul L. Berns purchased 1,250,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average price of $16.00 per share, with a total value of $20,000,000.00. Following the transaction, the director directly owned 15,042,035 shares in the company, valued at $240,672,560. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of Kardigan

A number of institutional investors have recently bought and sold shares of KARD. Bank of New York Mellon Corp bought a new stake in shares of Kardigan during the 2nd quarter worth about $9,010,000. Legal & General Group Plc bought a new position in shares of Kardigan in the 2nd quarter valued at approximately $119,000. Jupiter Topco LLC bought a new position in shares of Kardigan in the 2nd quarter valued at approximately $17,715,000. Bank of America Corp DE acquired a new stake in Kardigan in the 2nd quarter worth approximately $1,283,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Kardigan in the 2nd quarter worth approximately $716,000.

Kardigan Company Profile

Kardigan Inc is a clinical-stage precision therapeutics company developing medicines which target the root cause of specific cardiovascular diseases. Kardigan Inc is based in South San Francisco, California.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source