Kardigan (NASDAQ:KARD) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Kardigan from “hold” to “sell,” despite the stock retaining a consensus “Moderate Buy” rating from analysts and an average price target of $43.50.
• Kardigan shares opened at $20.20, below the $22.14 50-day moving average, while the company reported a quarterly loss of $4.61 per share.
• Company directors made significant insider purchases, each buying 1.25 million shares at $16 per share, and several hedge funds established new positions during the second quarter.

Kardigan (NASDAQ:KARD - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other equities research analysts have also recently issued reports on the company. Jefferies Financial Group assumed coverage on Kardigan in a report on Monday, July 13th. They issued a "buy" rating and a $40.00 target price on the stock. TD Cowen initiated coverage on Kardigan in a report on Monday, July 13th. They set a "buy" rating and a $46.00 price target for the company. Zacks Research upgraded Kardigan to a "hold" rating in a report on Wednesday, July 15th. Leerink Partners assumed coverage on Kardigan in a research note on Monday, July 13th. They issued an "outperform" rating and a $37.00 price objective on the stock. Finally, JPMorgan Chase & Co. started coverage on Kardigan in a report on Monday, July 13th. They set an "overweight" rating and a $51.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Kardigan Stock Performance

Shares of NASDAQ KARD opened at $20.20 on Friday. The company has a fifty day moving average of $22.14. Kardigan has a 52-week low of $16.25 and a 52-week high of $27.00.

Kardigan (NASDAQ:KARD - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($4.61) EPS for the quarter. On average, equities analysts forecast that Kardigan will post -3.18 earnings per share for the current year.

Insider Buying and Selling at Kardigan

In other news, Director Arch Venture Partners Xiii, Ll bought 1,250,000 shares of Kardigan 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 completion of the purchase, the director owned 15,042,035 shares in the company, valued at $240,672,560. The trade was a 9.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul L. Berns bought 1,250,000 shares of Kardigan stock in a transaction dated 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 purchase, the director owned 15,042,035 shares of the company's stock, valued at approximately $240,672,560. This trade represents a 9.06% increase in their position. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Kardigan

Hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc purchased a new stake in shares of Kardigan in the second quarter worth approximately $119,000. Bank of New York Mellon Corp bought a new stake in shares of Kardigan during the 2nd quarter worth approximately $9,010,000. Finally, Jupiter Topco LLC purchased a new position in Kardigan during the 2nd quarter valued at $17,715,000.

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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