Jupiter Topco LLC Takes $17.71 Million Position in Kardigan, Inc. $KARD

Key Points

• Jupiter Topco LLC acquired 749,703 shares of Kardigan, valued at approximately $17.71 million, giving it a roughly 0.80% stake. Legal & General Group also established a smaller position worth about $119,000.
• Analyst sentiment is broadly positive, with four Buy ratings and one Hold rating and a consensus price target of $42.25; individual targets range from $37 to $46. Wall Street Zen was a notable exception, downgrading the stock to Sell.
• Kardigan shares opened at $20.02 after declining 3.8%, while the clinical-stage therapeutics company reported a quarterly loss of $4.61 per share. Two directors separately purchased 1.25 million shares each at $16 per share.

Jupiter Topco LLC acquired a new position in Kardigan, Inc. (NASDAQ:KARD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 749,703 shares of the company's stock, valued at approximately $17,715,000. Jupiter Topco LLC owned about 0.80% of Kardigan at the end of the most recent reporting period.

Separately, Legal & General Group Plc acquired a new stake in Kardigan during the second quarter valued at approximately $119,000.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Leerink Partners began coverage on shares of Kardigan in a research report on Monday, July 13th. They issued an "outperform" rating and a $37.00 price target on the stock. Jefferies Financial Group assumed coverage on Kardigan in a research report on Monday, July 13th. They set a "buy" rating and a $40.00 price objective for the company. Wall Street Zen lowered Kardigan from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. TD Cowen started coverage on Kardigan in a report on Monday, July 13th. They issued a "buy" rating and a $46.00 target price on the stock. Finally, Zacks Research raised Kardigan to a "hold" rating in a research report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $42.25.

Kardigan Stock Down 3.8%

Shares of KARD opened at $20.02 on Friday. The stock has a 50-day moving average price of $21.88. Kardigan, Inc. has a one year low of $16.25 and a one year 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. As a group, analysts anticipate that Kardigan, Inc. will post -5.14 earnings per share for the current fiscal year.

Insider Activity at Kardigan

In other news, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of the stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost of $16.00 per share, for a total transaction of $20,000,000.00. Following the transaction, the director 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul L. Berns bought 1,250,000 shares of the business's stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost 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 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.

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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