Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) Sees Large Growth in Short Interest

Key Points

• Short interest surged 84.9% to 832,088 shares as of September 30, representing 1.3% of Latigo’s outstanding stock and 1.6 days to cover.
• LTGO opened at $14.00, near its 12-month low of $13.85, while the company reported a quarterly loss of $27.59 per share.
• Analysts remain bullish, with four Buy ratings and an average price target of $52.25; insiders also purchased 140,000 shares at $18.00 per share.

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 832,088 shares, an increase of 84.9% from the September 15th total of 449,962 shares. Based on an average daily volume of 519,457 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.3% of the company's stock are short sold.

Latigo Biotherapeutics Price Performance

NASDAQ:LTGO opened at $14.00 on Thursday. Latigo Biotherapeutics has a twelve month low of $13.85 and a twelve month high of $25.93. The business's 50 day moving average price is $20.06.

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

Wall Street Analysts Forecast Growth

LTGO has been the subject of a number of research analyst reports. The Goldman Sachs Group started coverage on shares of Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a "buy" rating and a $73.00 target price for the company. Jefferies Financial Group initiated coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a "buy" rating and a $50.00 price target on the stock. Guggenheim started coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a "buy" rating and a $50.00 price target on the stock. Leerink Partners started coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued an "outperform" rating and a $36.00 price target on the stock. Finally, Wall Street Zen raised Latigo Biotherapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 26th. Four analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $52.25.

Insider Activity at Latigo Biotherapeutics

In related news, Director James B. Tananbaum purchased 140,000 shares of the business's stock in a transaction on Monday, August 10th. The shares were 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 director owned 2,008,024 shares in the company, valued at $36,144,432. This represents a 7.49% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Foresite Capital Management V, acquired 140,000 shares of the stock in a transaction dated Monday, August 10th. The shares were bought at an average cost of $18.00 per share, with a total value of $2,520,000.00. Following 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 disclosure for this purchase is available in the SEC filing.

About Latigo Biotherapeutics

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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