Latigo Biotherapeutics (NASDAQ:LTGO) Stock Rating Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Latigo Biotherapeutics to “sell” from “hold,” contrasting with four other analysts’ bullish ratings. The consensus remains “buy,” with an average price target of $52.25.
• LTGO opened at $14.00, near its 52-week low of $13.50 and well below its 50-day moving average of $19.87. The company reported a quarterly loss of $27.59 per share.
• Company insiders showed confidence by purchasing shares: Director James Tananbaum and major shareholder Foresite Capital each bought 140,000 shares at $18.00 per share, worth $2.52 million per transaction.

Latigo Biotherapeutics (NASDAQ:LTGO - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Other analysts also recently issued reports about the stock. The Goldman Sachs Group initiated coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued a "buy" rating and a $73.00 price target for the company. Jefferies Financial Group initiated coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They set a "buy" rating and a $50.00 price objective on the stock. Leerink Partners started coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued an "outperform" rating and a $36.00 target price for the company. Finally, Guggenheim assumed coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a "buy" rating and a $50.00 target price for the company. Four analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $52.25.

Latigo Biotherapeutics Price Performance

LTGO stock opened at $14.00 on Friday. The firm has a fifty day simple moving average of $19.87. Latigo Biotherapeutics has a 1 year low of $13.50 and a 1 year high of $25.93.

Latigo Biotherapeutics (NASDAQ:LTGO - Get Free Report) last issued its quarterly earnings data on Thursday, September 3rd. The company reported ($27.59) earnings per share for the quarter.

Insider Activity

In other Latigo Biotherapeutics news, Director James Tananbaum purchased 140,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $18.00 per share, with a total value of $2,520,000.00. Following the completion of the transaction, the director directly owned 2,008,024 shares of the company's stock, valued at approximately $36,144,432. This trade represents a 7.49% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Foresite Capital Management V, purchased 140,000 shares of the business's stock in a transaction on Monday, August 10th. The shares were acquired at an average price of $18.00 per share, with a total value of $2,520,000.00. Following the purchase, the insider owned 2,008,024 shares of the company's stock, valued at approximately $36,144,432. This trade represents a 7.49% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Latigo Biotherapeutics Company Profile

Latigo Biotherapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing non-opioid treatments for acute and chronic pain. The company's research centers on selectively targeting Nav1.8, a sodium channel involved in the transmission of pain signals, with the goal of creating therapies that may provide pain relief without the risks associated with opioid medicines.

Latigo's pipeline includes small-molecule Nav1.8 inhibitors, including LTG-001, an investigational candidate being evaluated for pain-related conditions.

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