Kardigan, Inc. (NASDAQ:KARD) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is favorable: Five brokerages give Kardigan a consensus “Moderate Buy” rating, with four buys and one hold. The average 12-month price target is $43.50, versus a recent opening price of $21.08.
• Kardigan shares have traded between $16.25 and $27.00 over the past year. Recent coverage included price targets ranging from $37.00 to $51.00.
• Insiders and institutions have shown buying interest: Two directors each purchased 1.25 million shares at $16.00, while Bank of New York Mellon initiated a position of 377,758 shares valued at about $9.01 million.

Shares of Kardigan, Inc. (NASDAQ:KARD - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $43.50.

KARD has been the subject of several research reports. Jefferies Financial Group initiated coverage on shares of Kardigan in a research report on Monday, July 13th. They issued a "buy" rating and a $40.00 price target for the company. Wall Street Zen raised shares of Kardigan to a "hold" rating in a research report on Saturday, June 27th. Leerink Partners started coverage on shares of Kardigan in a research note on Monday, July 13th. They issued an "outperform" rating and a $37.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on shares of Kardigan in a report on Monday, July 13th. They issued an "overweight" rating and a $51.00 target price for the company. Finally, TD Cowen assumed coverage on shares of Kardigan in a report on Monday, July 13th. They issued a "buy" rating and a $46.00 target price for the company.

Kardigan Stock Performance

Shares of NASDAQ:KARD opened at $21.08 on Tuesday. Kardigan has a twelve month low of $16.25 and a twelve month high of $27.00.

Insiders Place Their Bets

In other news, Director Arch Venture Partners Xiii, Ll purchased 1,250,000 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were acquired at an average price of $16.00 per share, with a total value of $20,000,000.00. Following the purchase, the director directly owned 15,042,035 shares of the company's stock, valued at $240,672,560. The trade was a 9.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul L. Berns purchased 1,250,000 shares of the business's stock in a transaction dated 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 purchase, 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 ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Investors Weigh In On Kardigan

A hedge fund recently bought a new position in Kardigan stock. Bank of New York Mellon Corp bought a new position in shares of Kardigan, Inc. (NASDAQ:KARD - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 377,758 shares of the company's stock, valued at approximately $9,010,000. Bank of New York Mellon Corp owned approximately 0.42% of Kardigan at the end of the most recent quarter.

About Kardigan

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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