Kardigan, Inc.’s Quiet Period To Expire Tomorrow (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 Kardigan’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KARD. Wall Street Zen raised shares of Kardigan to a “hold” rating in a research report on Saturday, June 27th. TD Cowen assumed coverage on shares of Kardigan in a research note on Monday, July 13th. They issued a “buy” rating and a $46.00 target price on the stock. Zacks Research raised shares of Kardigan to a “hold” rating in a research note on Wednesday, July 15th. Leerink Partners initiated 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. Finally, JPMorgan Chase & Co. started coverage on shares of Kardigan in a research report on Monday, July 13th. They set an “overweight” rating and a $51.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.50.

Kardigan Price Performance

KARD stock opened at $20.74 on Monday. Kardigan has a 1 year low of $16.25 and a 1 year high of $27.00.

Insider Buying and Selling

In other news, Director Paul L. Berns acquired 1,250,000 shares of the stock in a transaction on Monday, June 22nd. The stock was bought 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of the company’s stock in a transaction dated 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 purchase, the director directly 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.