Montanova Capital LLC Invests $9.54 Million in Kardigan, Inc. $KARD

Key Points

• Montanova Capital acquired 400,000 Kardigan shares worth approximately $9.54 million, representing about 0.43% of the company. Several other institutional investors also initiated positions during the second quarter.
• Kardigan insiders made substantial purchases: Director Paul L. Berns and Arch Venture Partners XIII each bought 1.25 million shares at $16 per share, totaling $20 million per transaction.
• Kardigan reported a quarterly loss of $4.61 per share, while analysts maintain a generally positive outlook with a “Moderate Buy” consensus and an average price target of $42.25 versus the stock’s $20.16 opening price.

Montanova Capital LLC acquired a new stake in shares of Kardigan, Inc. (NASDAQ:KARD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 400,000 shares of the company's stock, valued at approximately $9,540,000. Montanova Capital LLC owned approximately 0.43% of Kardigan as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in shares of Kardigan in the 2nd quarter valued at $119,000. Alyeska Investment Group L.P. bought a new stake in shares of Kardigan during the 2nd quarter worth about $716,000. Bank of America Corp DE acquired a new position in shares of Kardigan during the 2nd quarter valued at about $1,283,000. Bank of New York Mellon Corp acquired a new position in shares of Kardigan during the 2nd quarter valued at about $9,010,000. Finally, Jupiter Topco LLC bought a new position in shares of Kardigan in the 2nd quarter valued at approximately $17,715,000.

Insider Buying and Selling at Kardigan

In other news, Director Paul L. Berns acquired 1,250,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was purchased 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 directly 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 purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of the company's 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 acquisition, the director directly owned 15,042,035 shares in the company, valued at approximately $240,672,560. The trade was a 9.06% increase in their position. The SEC filing for this purchase provides additional information.

Kardigan Stock Performance

KARD opened at $20.16 on Tuesday. The stock has a 50-day moving average price of $21.83. Kardigan, Inc. has a twelve month low of $16.25 and a twelve month 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) EPS for the quarter. Analysts expect that Kardigan, Inc. will post -5.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on KARD. Leerink Partners began coverage on shares of Kardigan in a research note on Monday, July 13th. They issued an "outperform" rating and a $37.00 target price on the stock. TD Cowen assumed coverage on shares of Kardigan in a report on Monday, July 13th. They set a "buy" rating and a $46.00 price target for the company. Zacks Research raised Kardigan to a "hold" rating in a research report on Wednesday, July 15th. Wall Street Zen lowered Kardigan from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, JPMorgan Chase & Co. cut their price objective on Kardigan from $51.00 to $46.00 and set an "overweight" rating for the company in a research report on Tuesday, August 25th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $42.25.

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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