377,758 Shares in Kardigan, Inc. $KARD Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 377,758 Kardigan shares worth approximately $9.01 million, representing about 0.42% of the company.
• Company directors Paul L. Berns and Arch Venture Partners XIII each acquired 1.25 million shares at $16 per share, increasing their ownership by 9.06%.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $42.25 price target, compared with Kardigan’s opening price of $21.92.

Bank of New York Mellon Corp bought a new position in shares of Kardigan, Inc. (NASDAQ:KARD - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 377,758 shares of the company's stock, valued at approximately $9,010,000. Bank of New York Mellon Corp owned approximately 0.42% of Kardigan as of its most recent filing with the Securities and Exchange Commission (SEC).

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. TD Cowen began coverage on shares of Kardigan in a report on Monday, July 13th. They issued a "buy" rating and a $46.00 price target on the stock. Jefferies Financial Group started coverage on shares of Kardigan in a research note on Monday, July 13th. They set a "buy" rating and a $40.00 price objective for the company. Leerink Partners began coverage on Kardigan in a research report on Monday, July 13th. They set an "outperform" rating and a $37.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on Kardigan from $51.00 to $46.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 25th. Finally, Zacks Research upgraded Kardigan to a "hold" rating in a report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.25.

Kardigan Price Performance

Shares of KARD stock opened at $21.92 on Thursday. The company has a 50-day moving average price of $21.78. Kardigan, Inc. has a twelve month low of $16.25 and a twelve month 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. On average, analysts expect that Kardigan, Inc. will post -5.14 EPS for the current year.

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.

Want to see what other hedge funds are holding KARD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kardigan, Inc. (NASDAQ:KARD - Free Report).

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.