JPMorgan Chase & Co. Cuts Kardigan (NASDAQ:KARD) Price Target to $46.00

Kardigan (NASDAQ:KARD) had its price objective trimmed by JPMorgan Chase & Co. from $51.00 to $46.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also weighed in on KARD. TD Cowen started coverage on Kardigan in a report on Monday, July 13th. They set a “buy” rating and a $46.00 price objective on the stock. Zacks Research upgraded Kardigan to a “hold” rating in a research note on Wednesday, July 15th. Wall Street Zen cut Kardigan from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Jefferies Financial Group initiated coverage on Kardigan in a research report on Monday, July 13th. They issued a “buy” rating and a $40.00 target price for the company. Finally, Leerink Partners assumed coverage on shares of Kardigan in a research note on Monday, July 13th. They set an “outperform” rating and a $37.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.25.

Kardigan Stock Performance

KARD stock opened at $20.80 on Tuesday. Kardigan has a twelve month low of $16.25 and a twelve month high of $27.00. The business’s 50-day moving average price is $21.92.

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

Insider Buying and Selling at Kardigan

In related news, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of the company’s stock in a transaction on 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 purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul L. Berns acquired 1,250,000 shares of the business’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 completion of the acquisition, 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 SEC filing for this purchase provides additional information.

Institutional Investors Weigh In On Kardigan

Several institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in shares of Kardigan during the 2nd quarter worth about $119,000. Alyeska Investment Group L.P. bought a new position in Kardigan during the 2nd quarter valued at about $716,000. Bank of America Corp DE bought a new position in Kardigan during the 2nd quarter valued at about $1,283,000. Braidwell LP acquired a new position in Kardigan in the second quarter valued at about $7,155,000. Finally, Bank of New York Mellon Corp acquired a new position in Kardigan in the second quarter valued at about $9,010,000.

Kardigan Company Profile

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.