Braidwell LP Takes $7.16 Million Position in Kardigan, Inc. $KARD

Key Points

• Braidwell LP initiated a 300,000-share position in Kardigan valued at approximately $7.16 million, representing about 0.32% of the company. Several other institutional investors also acquired new stakes during the second quarter.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $42.25, although one research firm downgraded the stock to “sell.”
• Kardigan shares opened at $21.92, while the clinical-stage company reported a quarterly loss of $4.61 per share. Two directors each purchased 1.25 million shares at $16 per share, increasing their holdings by 9.06%.

Braidwell LP bought a new position in Kardigan, Inc. (NASDAQ:KARD - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 300,000 shares of the company's stock, valued at approximately $7,155,000. Braidwell LP owned approximately 0.32% of Kardigan at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of KARD. Legal & General Group Plc acquired a new stake in Kardigan during the 2nd quarter valued at $119,000. Alyeska Investment Group L.P. acquired a new position in Kardigan in the second quarter worth $716,000. Bank of America Corp DE acquired a new position in Kardigan in the second quarter worth $1,283,000. Bank of New York Mellon Corp bought a new stake in shares of Kardigan during the second quarter worth $9,010,000. Finally, Montanova Capital LLC bought a new stake in shares of Kardigan during the second quarter worth $9,540,000.

Analysts Set New Price Targets

Several research analysts recently issued reports on KARD shares. Jefferies Financial Group started coverage on shares of Kardigan in a research report on Monday, July 13th. They set a "buy" rating and a $40.00 price target on the stock. Leerink Partners assumed coverage on shares of Kardigan in a research report on Monday, July 13th. They set an "outperform" rating and a $37.00 target price on the stock. TD Cowen began 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. Wall Street Zen lowered shares of Kardigan from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Zacks Research upgraded shares of Kardigan to a "hold" rating in a research report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Kardigan 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 stock has a 50-day moving average price of $21.78. Kardigan, Inc. has a 12 month low of $16.25 and a 12 month high of $27.00.

Kardigan (NASDAQ:KARD - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($4.61) earnings per share (EPS) for the quarter. Equities analysts anticipate that Kardigan, Inc. will post -5.14 earnings per share for the current fiscal year.

Insider Activity at Kardigan

In other Kardigan news, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of Kardigan stock in a transaction on Monday, June 22nd. The shares were purchased 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 owned 15,042,035 shares in the company, valued at $240,672,560. The trade was a 9.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul L. Berns bought 1,250,000 shares of the stock in a transaction on Monday, June 22nd. The shares were acquired at an average cost of $16.00 per share, with a total value of $20,000,000.00. Following the acquisition, 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 position. The disclosure for this purchase is available in the SEC filing.

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.

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