Kardigan (NASDAQ:KARD) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Kardigan (NASDAQ:KARD) from a hold rating to a sell rating in a research note issued to investors on Saturday.

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

Kardigan Price Performance

KARD stock opened at $20.20 on Friday. The firm’s 50 day moving average is $22.14. Kardigan has a 12-month low of $16.25 and a 12-month high of $27.00.

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

Insider Buying and Selling

In related news, Director Arch Venture Partners Xiii, Ll bought 1,250,000 shares of the stock in a transaction on Monday, June 22nd. The shares were purchased at an average price of $16.00 per share, for a total transaction of $20,000,000.00. Following the acquisition, the director owned 15,042,035 shares in the company, valued at $240,672,560. This represents 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 the SEC website. Also, Director Paul L. Berns purchased 1,250,000 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 15,042,035 shares of the company’s stock, valued at $240,672,560. This represents a 9.06% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Inflows and Outflows

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