Kardigan (NASDAQ:KARD) Issues Quarterly Earnings Results

Kardigan (NASDAQ:KARD) issued its quarterly earnings results on Tuesday. The company reported ($4.61) earnings per share (EPS) for the quarter, FiscalAI reports.

Kardigan Trading Down 1.7%

KARD stock traded down $0.38 during trading hours on Wednesday, reaching $21.68. The stock had a trading volume of 175,500 shares, compared to its average volume of 385,609. Kardigan has a fifty-two week low of $16.25 and a fifty-two week high of $27.00.

Insider Activity

In other news, Director Arch Venture Partners Xiii, Ll bought 1,250,000 shares of the company’s 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 acquisition, the director owned 15,042,035 shares in the company, valued at $240,672,560. This trade represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul L. Berns bought 1,250,000 shares of the company’s 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 completion of the acquisition, 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. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Trading of Kardigan

An institutional investor recently bought a new stake in Kardigan stock. Bank of New York Mellon Corp bought a new stake in Kardigan, Inc. (NASDAQ:KARD) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 reporting period.

Analysts Set New Price Targets

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

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.