Latigo Biotherapeutics (NASDAQ:LTGO) Issues Earnings Results

Key Points

• Latigo Biotherapeutics reported quarterly EPS of a $27.59 loss. Its shares rose $0.71 to $22.48 in Thursday trading, with volume broadly in line with its average.
• Company insiders increased their positions, with Director James B. Tananbaum and Foresite Capital Management V each purchasing 140,000 shares at $18 per share, worth $2.52 million.
• Analyst sentiment remains bullish: four analysts rate the stock Buy, with a consensus Buy rating and an average price target of $52.25 versus the reported trading price of $22.48.

Latigo Biotherapeutics (NASDAQ:LTGO - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($27.59) EPS for the quarter, Zacks reports.

Latigo Biotherapeutics Price Performance

Shares of LTGO stock traded up $0.71 during trading on Thursday, reaching $22.48. The company had a trading volume of 229,228 shares, compared to its average volume of 226,738. Latigo Biotherapeutics has a one year low of $17.22 and a one year high of $25.93.

Insider Buying and Selling

In other news, Director James B. Tananbaum purchased 140,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were bought 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 in the company, valued at $36,144,432. This trade represents a 7.49% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Foresite Capital Management V, acquired 140,000 shares of Latigo Biotherapeutics stock in a transaction dated 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 purchase, the insider directly owned 2,008,024 shares of the company's stock, valued at $36,144,432. The trade was a 7.49% increase in their position. The SEC filing for this purchase provides additional information.

Wall Street Analyst Weigh In

LTGO has been the subject of several research reports. Guggenheim began coverage on shares of Latigo Biotherapeutics in a report on Tuesday. They set a "buy" rating and a $50.00 price target for the company. Jefferies Financial Group started coverage on Latigo Biotherapeutics in a research report on Tuesday. They issued a "buy" rating and a $50.00 target price on the stock. The Goldman Sachs Group began coverage on Latigo Biotherapeutics in a research note on Tuesday. They set a "buy" rating and a $73.00 price target for the company. Leerink Partners started coverage on Latigo Biotherapeutics in a report on Tuesday. They set an "outperform" rating and a $36.00 price target for the company. Finally, Wall Street Zen raised Latigo Biotherapeutics to a "hold" rating in a research note on Saturday, August 15th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $52.25.

About Latigo Biotherapeutics

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.

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