Latigo Biotherapeutics (NASDAQ:LTGO) Upgraded by The Goldman Sachs Group to Strong-Buy Rating

Key Points

• Goldman Sachs upgraded Latigo Biotherapeutics to “strong buy,” while Jefferies, Guggenheim, and Leerink Partners also initiated coverage with bullish ratings. Analysts’ average target price is $52.25.
• Latigo shares opened at $22.26, compared with a 12-month range of $17.22 to $25.93, indicating substantial upside to analysts’ targets.
• Director James B. Tananbaum and major shareholder Foresite Capital each purchased 140,000 shares at $18 per share, signaling insider and institutional buying interest.

Latigo Biotherapeutics (NASDAQ:LTGO - Get Free Report) was upgraded by research analysts at The Goldman Sachs Group to a "strong-buy" rating in a report issued on Tuesday, Zacks reports.

Other analysts have also issued reports about the stock. Jefferies Financial Group began coverage on shares of Latigo Biotherapeutics in a report on Tuesday. They set a "buy" rating and a $50.00 target price for the company. Guggenheim assumed coverage on Latigo Biotherapeutics in a research report on Tuesday. They set a "buy" rating and a $50.00 price target for the company. Leerink Partners initiated coverage on Latigo Biotherapeutics in a research report on Tuesday. They issued an "outperform" rating and a $36.00 price objective on the stock. Finally, Wall Street Zen upgraded Latigo Biotherapeutics to a "hold" rating in a report on Saturday, August 15th. Four analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy" and an average target price of $52.25.

Latigo Biotherapeutics Price Performance

Shares of Latigo Biotherapeutics stock opened at $22.26 on Tuesday. Latigo Biotherapeutics has a 12-month low of $17.22 and a 12-month high of $25.93.

Insider Activity at Latigo Biotherapeutics

In other news, Director James B. Tananbaum bought 140,000 shares of the stock in a transaction dated Monday, August 10th. The stock was bought at an average price of $18.00 per share, for a total transaction of $2,520,000.00. Following the purchase, the director directly owned 2,008,024 shares in the company, valued at $36,144,432. This trade represents a 7.49% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Foresite Capital Management V, purchased 140,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $18.00 per share, for a total transaction of $2,520,000.00. Following the completion of the transaction, the insider directly owned 2,008,024 shares of the company's stock, valued at $36,144,432. This 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 committed to developing innovative non-opioid pain medicines designed to stop the transmission of pain without the risk of addiction. Its lead product candidate includes LTG-001. Latigo Biotherapeutics Inc is based in THOUSAND OAKS, Calif.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source