Latigo Biotherapeutics, Inc.'s Quiet Period Will End on September 16th (NASDAQ:LTGO)

Key Points

• Latigo Biotherapeutics’ quiet period ends September 16, potentially allowing IPO underwriters to begin issuing research coverage after the company’s $345.6 million offering of 19.2 million shares.
• Analyst opinions are broadly positive: Goldman Sachs set a $73 target, while Guggenheim and Jefferies set $50 targets and Leerink Partners set $36. The consensus rating is “Buy,” with an average price target of $52.25, though Wall Street Zen downgraded the stock to “Sell.”
• LTGO opened at $23.73, up 3%, after reporting a quarterly loss of $27.59 per share. Director James B. Tananbaum and Foresite Capital each purchased 140,000 shares at $18 per share in August.

Latigo Biotherapeutics' (NASDAQ:LTGO - Get Free Report) quiet period will expire on Wednesday, September 16th. Latigo Biotherapeutics had issued 19,200,000 shares in its public offering on August 7th. The total size of the offering was $345,600,000 based on an initial share price of $18.00. During Latigo Biotherapeutics' quiet period, insiders and any underwriters that worked on the IPO are restricted from issuing any research reports for the company because of SEC regulations. Following the end of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analysts Set New Price Targets

Several research firms have recently issued reports on LTGO. The Goldman Sachs Group began coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They set a "buy" rating and a $73.00 target price for the company. Leerink Partners began coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They set an "outperform" rating and a $36.00 price objective for the company. Wall Street Zen cut Latigo Biotherapeutics from a "hold" rating to a "sell" rating in a research note on Saturday. Guggenheim initiated coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They set a "buy" rating and a $50.00 price target for the company. Finally, Jefferies Financial Group began coverage on shares of Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a "buy" rating and a $50.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $52.25.

Latigo Biotherapeutics Stock Up 3.0%

Latigo Biotherapeutics stock opened at $23.73 on Wednesday. Latigo Biotherapeutics has a 12 month low of $17.22 and a 12 month high of $25.93.

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

Insider Transactions at Latigo Biotherapeutics

In related news, Director James B. Tananbaum acquired 140,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were bought 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 director directly owned 2,008,024 shares in the company, valued at approximately $36,144,432. This trade represents a 7.49% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Foresite Capital Management V, bought 140,000 shares of the company's stock in a transaction that occurred on 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 acquisition, 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. Additional details regarding this purchase are available in the official SEC disclosure.

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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