Chardan Capital
Chardan is an independent New York investment bank focused on healthcare, emerging technologies, digital assets and special purpose acquisition companies. It had underwritten 124 SPAC IPOs as of 2026. Its equity research concentrates on biotechnology.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 7712M
- Actions
- 26812M
- Ratings / Price targets
- 211 / 57
- Upgrades / Downgrades
- 2 / 5
- Buy-rated
- 92%of 66 rated
- Median upside
- +73.3%
- Targets raised / lowered
- 14 / 9
- On record
- Sep 2012 – Sep 2026
Overview
Chardan's research centers on biotechnology, including RNA-based and genetic medicines, ophthalmology and oncology, and extends to bitcoin miners, digital-asset companies and other disruptive technologies.
Chardan was founded in New York in 2003 by Steven Urbach and Kerry Propper. In 2004 Chardan China Acquisition Corp., a blank-check company co-founded by Propper, went public; in December 2018 Chardan Healthcare Acquisition Corp., sponsored by Chardan affiliates, raised $70 million and merged with BiomX in October 2019. The privately held firm is an SEC-registered broker-dealer and FINRA member offering capital raising, M&A advisory, equity research and institutional trading.
Milestones
- 2003
Founded in New York by Steven Urbach and Kerry Propper
- 2004
Chardan China Acquisition Corp. went public
- 2018
Chardan Healthcare Acquisition Corp. raised $70 million
- 2019
Chardan Healthcare Acquisition merged with BiomX
Firm facts
- Legal name
- Chardan Capital Markets, LLC
- Type
- Boutique
- Founded
- 2003
- Headquarters
- New York, United States
- Co-founder and Chief Executive Officer
- Steven Urbach
- Director of Research
- Keay Nakae
- Rating scale
- BuyNeutralSell12 months
- Website
- chardan.com
Research philosophy
Chardan focuses research coverage on companies with the potential for high investment returns from creating (and sharing in) real value for society.
Chardan's 2018 healthcare SPAC prospectus described a focus on sectors where innovation, cost savings or wider access to medicines could drive investment returns. The firm calls its healthcare research a "high science" approach. A 2024 biotechnology research job posting expressed a preference for an MD or PhD and included primary research with leading industry experts among the role's responsibilities. As of 2025, its biotech analysts select annual top picks and measure their performance against the XBI biotech ETF.
Rating methodology
Stocks are rated Buy, Neutral or Sell according to expected total return over the next 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 uniQure N.V.QURE | Buy | $37 |
 CleanSpark, Inc.CLSK | Buy | — |
 VinFast Auto Ltd.VFS | Buy | — |
 Arrowhead Pharmaceuticals, Inc.ARWR | Buy | $115 |
 Coya Therapeutics, Inc.COYA | Buy | — |
 Rocket Pharmaceuticals, Inc.RCKT | Buy | — |
 Lexeo Therapeutics, Inc. Common StockLXEO | Buy | $17 |
 Palvella Therapeutics, Inc.PVLA | Buy | $240 |
 EyePoint Pharmaceuticals, Inc.EYPT | Neutral | $5 |
 Intellia Therapeutics, Inc.NTLA | Buy | $30 |
Most active analysts
- Keay Nakae12 notesPMNARWRARIA
- Daniil Gataulin4 notesQUREANNXOTLK
- Geulah Livshits2 notesCRSPKRYS
- James McIlree2 notesDEFTFPURR
- Rudy Li2 notesCNTADRUG
- Janani Sundararajan1 notesPASG
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 21 | Palvella Therapeutics, Inc.PVLA | Reiterate | Buy | $210 →$240 | |
| Sep 16 | MOCorvex, Inc.MOVE | Target | $18.75 | ||
| Sep 16 | OCOcular Therapeutix, Inc.OCUL | Reiterate | Buy | ||
| Sep 16 | HIHIVE Digital Technologies Ltd.HIVE | Reiterate | Buy | ||
| Sep 15 | Rocket Pharmaceuticals, Inc.RCKT | Reiterate | Buy | ||
| Sep 10 | ADAdagene Inc.ADAG | Target | $9 | ||
| Sep 9 | IROpus Genetics, Inc.IRD | Reiterate | Buy | $16 | Andreas Argyrides |
| Sep 9 | KDKodiak AI, Inc. Common StockKDK | Reiterate | Buy | ||
| Sep 8 | HYHyperion DeFi, Inc.HYPD | Target | $7.75 →$8.45 | ||
| Sep 8 | DEDEFTF | Target | $8.45 | James McIlree |