Kardigan: Initiating Overweight – Not a Sweater But Rather a CV Pipeline That Makes Us Feel Warm & Fuzzy

Research evidence excerpt

Kardigan: Initiating Overweight – Not a Sweater But Rather a CV Pipeline That Makes Us Feel Warm & Fuzzy

J P M O R G A N North America Equity Research

13 July 2026

Initiation

Kardigan Overweight

KARD, KARD US

Initiating Overweight – Not a Sweater But Rather a CV Price (10 Jul 26):$24.64

Pipeline That Makes Us Feel Warm & Fuzzy Price Target (Dec-27):$51.00

We are initiating coverage on Kardigan (KARD) with an Overweight rating SMid Biotechnology

ACand a December 2027 price target of $51. We see each of Kardigan’s mid-stage Anupam Rama

cardiovascular pipeline assets – danicamtiv (genetic dilated cardiomyopathy; (1-212) 622-0900

DCM) / ataciguat (moderate calcific aortic valve stenosis; CAVS) / tonlamarsen anupam.rama@jpmorgan.com

(acute severe hypertension; ASH) – as having: 1) early de-risking proof-of- Joyce Zhou

concept data (though conservatively we model probability of success (POS) as (1-212) 622-7212

<50% for each), 2) value-creating potential in the next ~6-12 month timeframe joyce.zhou@jpmorgan.com

J.P. Morgan Securities LLC

with later-stage data (phase 2b data for each program expected in 1H27), and 3)

blockbuster potential (in the case of danicamtiv / ataciguat, both have multi-billion

dollar potential). Indeed, as the emerging clinical profile for all three products is Quarterly Forecasts (FYE Dec)

better understood via 1H27 readouts, we see both POS and peak sales as levers for Adj. EPS ($)

upside in the model. Interestingly, the company’s Prolaio platform offers the 2025A 2026E 2027E

potential transition of cardiovascular clinical development to more of a precision Q1 (1.43)A

Q2 (0.65)

approach (having the potential to accurately provide real-world patient level data) Q3 (0.71)

and is currently being used in the ongoing Kardigan clinical trials.