Kardigan, Inc.’s Quiet Period To End on July 28th (NASDAQ:KARD)

Kardigan’s (NASDAQ:KARD) quiet period will end on Tuesday, July 28th. Kardigan had issued 25,000,000 shares in its IPO on June 18th. The total size of the offering was $400,000,000 based on an initial share price of $16.00. During the company’s quiet period, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KARD. Leerink Partners assumed coverage on shares of Kardigan in a report on Monday, July 13th. They set an “outperform” rating and a $37.00 target price on the stock. Zacks Research raised shares of Kardigan to a “hold” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. assumed coverage on shares of Kardigan in a report on Monday, July 13th. They set an “overweight” rating and a $51.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Kardigan in a research note on Monday, July 13th. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, TD Cowen initiated coverage on Kardigan in a report on Monday, July 13th. They issued a “buy” rating and a $46.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

Kardigan Stock Down 4.3%

Kardigan stock opened at $20.74 on Friday. Kardigan has a one year low of $16.25 and a one year high of $27.00.

Insider Buying and Selling

In other news, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of Kardigan stock in a transaction dated Monday, June 22nd. The shares were bought at an average cost of $16.00 per share, with a total value of $20,000,000.00. Following the purchase, the director owned 15,042,035 shares in the company, valued at $240,672,560. This trade represents a 9.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul L. Berns acquired 1,250,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $16.00 per share, with a total value of $20,000,000.00. Following the completion of the transaction, the director owned 15,042,035 shares of the company’s stock, valued at $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.