Kardigan, Inc. (NASDAQ:KARD) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analysts assign Kardigan a “Moderate Buy” consensus: Four of five analysts rate the stock a buy, with an average 12-month price target of $42.25. Recent targets range from $37 to $46, though one firm downgraded the shares to sell.
• Insiders made significant purchases: Director Paul L. Berns and Arch Venture Partners XIII each bought 1.25 million shares at $16 per share, representing $20 million transactions and a 9.06% increase in their holdings.
• Institutional investors established new positions while Kardigan remains loss-making: Several firms, including Jupiter Topco and Montanova Capital, collectively invested tens of millions of dollars, while the company reported quarterly EPS of negative $4.61 and analysts expect a full-year loss of $5.14 per share.

Shares of Kardigan, Inc. (NASDAQ:KARD - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $42.25.

A number of research analysts have recently weighed in on KARD shares. Wall Street Zen cut Kardigan from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. TD Cowen started coverage on shares of Kardigan in a research note on Monday, July 13th. They set a "buy" rating and a $46.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on shares of Kardigan from $51.00 to $46.00 and set an "overweight" rating on the stock in a report on Tuesday, August 25th. Zacks Research upgraded shares of Kardigan to a "hold" rating in a research report on Wednesday, July 15th. Finally, Leerink Partners assumed coverage on shares of Kardigan in a research note on Monday, July 13th. They issued an "outperform" rating and a $37.00 price objective for the company.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KARD. Jupiter Topco LLC bought a new position in Kardigan in the 2nd quarter worth approximately $17,715,000. Montanova Capital LLC purchased a new stake in Kardigan during the 2nd quarter valued at approximately $9,540,000. Bank of New York Mellon Corp bought a new stake in shares of Kardigan during the second quarter valued at approximately $9,010,000. Braidwell LP bought a new stake in shares of Kardigan during the second quarter valued at approximately $7,155,000. Finally, Citadel Advisors LLC purchased a new position in shares of Kardigan in the second quarter worth $2,862,000.

Kardigan Trading Up 0.5%

Shares of Kardigan stock opened at $20.85 on Friday. The business has a fifty day moving average of $21.69. Kardigan has a one year low of $16.25 and a one year high of $27.00.

Kardigan (NASDAQ:KARD - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($4.61) earnings per share (EPS) for the quarter. As a group, analysts forecast that Kardigan will post -5.14 earnings per share for the current year.

About Kardigan

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.

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