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

Kardigan’s (NASDAQ:KARD) quiet period is set to expire on Tuesday, July 28th. Kardigan had issued 25,000,000 shares in its initial public offering 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 that worked on the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration 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.

Analysts Set New Price Targets

A number of research firms recently issued reports on KARD. Leerink Partners assumed coverage on Kardigan in a research note on Monday, July 13th. They set an “outperform” rating and a $37.00 target price for the company. Wall Street Zen raised shares of Kardigan to a “hold” rating in a research note on Saturday, June 27th. TD Cowen started coverage on shares of Kardigan in a report on Monday, July 13th. They issued a “buy” rating and a $46.00 price target for the company. JPMorgan Chase & Co. assumed coverage on shares of Kardigan in a research report on Monday, July 13th. They set an “overweight” rating and a $51.00 price objective for the company. Finally, Zacks Research upgraded shares of Kardigan to a “hold” rating in a report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.50.

Kardigan Stock Down 0.2%

Shares of Kardigan stock opened at $22.86 on Thursday. Kardigan has a 52-week low of $16.25 and a 52-week high of $27.00.

Insider Activity at Kardigan

In other Kardigan news, Director Arch Venture Partners Xiii, Ll purchased 1,250,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was bought at an average cost of $16.00 per share, with a total value of $20,000,000.00. Following 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul L. Berns acquired 1,250,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price of $16.00 per share, for a total transaction of $20,000,000.00. Following the completion of the acquisition, 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. Additional details regarding this purchase are available in the official SEC disclosure.