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Baird🏁 $KARD and said -- Initiating coverage with an Outperform rating and $43 price target.
$CYTK EWTX BMY TNYA $MLYS AZN RCKT ALNY RHHBY TECX TENX MRK BAYRY IONS
Baird added—We like Kardigan's three-asset precision-cardiology portfolio, anchored by danicamtiv's potential to improve heart function in familial/genetic DCM, where we believe the myosin activator mechanism is well-positioned for success (particularly in the sarcomeric core patients).
In addition to danicamtiv, ataciguat in CAVS and tonlamarsen in ASH offer additional higher-risk higher-reward shots-on-goal and with Phase 2 readouts across all three programs expected 1H27, we see multiple opportunities for clinical validation (all three of which target high-unmet-need indications) to drive share-price appreciation.