Cormorant Asset Management LP Invests $6.01 Million in Aardvark Therapeutics, Inc. $AARD

Key Points

• Cormorant Asset Management LP has acquired 800,189 shares of Aardvark Therapeutics, Inc. ($AARD) valued at approximately $6 million, representing about 3.69% of the company's stock as of the recent SEC filing.
• Aardvark Therapeutics' shares showed a 1-year low of $4.88 and a high of $19.58, with current trading around $8.18.
• Analysts have downgraded Aardvark's stock price targets, with Royal Bank of Canada lowering its target from $20 to $19, while Wall Street Zen changed their rating from "hold" to "sell".

Cormorant Asset Management LP acquired a new stake in Aardvark Therapeutics, Inc. (NASDAQ:AARD - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 800,189 shares of the company's stock, valued at approximately $6,009,000. Cormorant Asset Management LP owned approximately 3.69% of Aardvark Therapeutics at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AARD. Decheng Capital LLC bought a new stake in shares of Aardvark Therapeutics during the first quarter valued at approximately $29,419,000. Braidwell LP acquired a new position in Aardvark Therapeutics during the 1st quarter worth $3,755,000. Adage Capital Partners GP L.L.C. bought a new position in Aardvark Therapeutics in the 1st quarter valued at $1,878,000. Finally, Walleye Capital LLC acquired a new stake in shares of Aardvark Therapeutics in the 1st quarter valued at $88,000.

Aardvark Therapeutics Trading Down 4.7%

AARD traded down $0.40 during mid-day trading on Monday, hitting $8.20. The stock had a trading volume of 104,137 shares, compared to its average volume of 88,154. The stock's fifty day simple moving average is $11.52 and its 200-day simple moving average is $10.72. Aardvark Therapeutics, Inc. has a 1-year low of $4.88 and a 1-year high of $19.58.

Aardvark Therapeutics (NASDAQ:AARD - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.66) EPS for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.14).

Analyst Ratings Changes

AARD has been the topic of several recent research reports. HC Wainwright initiated coverage on Aardvark Therapeutics in a report on Monday, June 30th. They issued a "buy" rating and a $40.00 price target on the stock. Royal Bank Of Canada lowered their price target on shares of Aardvark Therapeutics from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Thursday, August 14th. Wall Street Zen lowered shares of Aardvark Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. Finally, Bank of America reduced their price objective on shares of Aardvark Therapeutics from $26.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, August 28th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $32.60.

Aardvark Therapeutics Company Profile

Aardvark Therapeutics, Inc operates as a biotechnology company. It engages in the development of a novel small molecule therapeutics for obesity and metabolic diseases. The company was founded by Tien Lee in 2017 and is headquartered in San Diego, CA.