Cormorant Asset Management LP Purchases New Stake 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 purchased a new stake in Aardvark Therapeutics, Inc. (NASDAQ:AARD - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 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 reporting period.

A number of other hedge funds also recently bought and sold shares of AARD. Decheng Capital LLC acquired a new stake in Aardvark Therapeutics in the 1st quarter valued at about $29,419,000. Walleye Capital LLC acquired a new stake in shares of Aardvark Therapeutics during the 1st quarter worth about $88,000. Braidwell LP acquired a new stake in shares of Aardvark Therapeutics during the 1st quarter worth about $3,755,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Aardvark Therapeutics during the 1st quarter worth about $1,878,000.

Aardvark Therapeutics Trading Down 2.7%

Shares of AARD stock traded down $0.22 during midday trading on Tuesday, hitting $7.98. The company had a trading volume of 277,884 shares, compared to its average volume of 89,465. The company's 50 day simple moving average is $11.41 and its 200 day simple moving average is $10.68. Aardvark Therapeutics, Inc. has a 52-week low of $4.88 and a 52-week high of $19.58.

Aardvark Therapeutics (NASDAQ:AARD - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.14).

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America dropped their price target on Aardvark Therapeutics from $26.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, August 28th. Royal Bank Of Canada dropped their price target on Aardvark Therapeutics from $20.00 to $19.00 and set an "outperform" rating on the stock in a research note on Thursday, August 14th. Wall Street Zen downgraded Aardvark Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, HC Wainwright assumed coverage on Aardvark Therapeutics in a research note on Monday, June 30th. They set a "buy" rating and a $40.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $32.60.

Aardvark Therapeutics 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.