Citadel Advisors LLC Acquires Shares of 120,000 Kardigan, Inc. $KARD

Key Points

• Citadel Advisors initiated a 120,000-share position in Kardigan worth approximately $2.86 million, while several other institutional investors also disclosed new stakes during the second quarter.
• Kardigan insiders made significant purchases: Director Paul L. Berns and Arch Venture Partners XIII each acquired 1.25 million shares at $16 per share, investing $20 million apiece.
• KARD opened at $21.60, after reporting a quarterly loss of $4.61 per share. Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and a $42.25 average price target, despite one downgrade to “sell.”

Citadel Advisors LLC bought a new stake in shares of Kardigan, Inc. (NASDAQ:KARD - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 120,000 shares of the company's stock, valued at approximately $2,862,000. Citadel Advisors LLC owned about 0.13% of Kardigan at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KARD. Jupiter Topco LLC purchased a new stake in Kardigan during the second quarter worth about $17,715,000. Montanova Capital LLC purchased a new stake in shares of Kardigan during the 2nd quarter worth approximately $9,540,000. Bank of New York Mellon Corp purchased a new stake in shares of Kardigan during the 2nd quarter worth approximately $9,010,000. Braidwell LP bought a new stake in shares of Kardigan in the 2nd quarter worth approximately $7,155,000. Finally, Bank of America Corp DE bought a new stake in shares of Kardigan in the 2nd quarter worth approximately $1,283,000.

Insider Buying and Selling at Kardigan

In related news, Director Paul L. Berns purchased 1,250,000 shares of Kardigan stock in a transaction dated Monday, June 22nd. The stock was bought 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 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $16.00 per share, for a total transaction 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. This trade represents a 9.06% increase in their position. The SEC filing for this purchase provides additional information.

Kardigan Stock Performance

Shares of KARD stock opened at $21.60 on Wednesday. The company's 50 day simple moving average is $21.54. 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 released its quarterly earnings data on Tuesday, August 11th. The company reported ($4.61) EPS for the quarter. As a group, research analysts forecast that Kardigan, Inc. will post -5.14 EPS for the current year.

Analyst Upgrades and Downgrades

KARD has been the subject of several research reports. Wall Street Zen lowered Kardigan from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. JPMorgan Chase & Co. lowered 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. Jefferies Financial Group started coverage on 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 initiated coverage on Kardigan in a research note on Monday, July 13th. They set an "outperform" rating and a $37.00 price target for the company. Finally, Zacks Research raised Kardigan to a "hold" rating in a report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Kardigan currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.25.

Kardigan 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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