Latigo Biotherapeutics (NASDAQ:LTGO) Hits New 12-Month Low - Here's Why

Key Points

• Latigo Biotherapeutics shares hit a new 52-week low, falling 4.6% to $15.27 intraday and last trading at $15.52, below the 50-day moving average of $20.60.
• Despite the decline, analysts remain broadly optimistic: four analysts rate the stock a Buy, with a consensus price target of $52.25 versus the current price.
• The clinical-stage biotech reported a quarterly loss of $27.59 per share, while insiders and major shareholders each purchased 140,000 shares at $18 per share. Latigo is developing non-opioid pain treatments targeting the Nav1.8 sodium channel, including investigational candidate LTG-001.

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) shares hit a new 52-week low on Thursday. The stock traded as low as $15.27 and last traded at $15.52, with a volume of 241512 shares trading hands. The stock had previously closed at $16.26.

Wall Street Analyst Weigh In

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

Latigo Biotherapeutics Stock Down 4.6%

The stock has a market capitalization of $1.03 billion and a PE ratio of -0.29. The company has a 50 day moving average of $20.60.

Latigo Biotherapeutics (NASDAQ:LTGO - Get Free Report) last posted 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 bought 140,000 shares of the stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $18.00 per share, for a total transaction of $2,520,000.00. Following the acquisition, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Foresite Capital Management V, purchased 140,000 shares of the company's stock in a transaction dated Monday, August 10th. The stock was 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 insider directly owned 2,008,024 shares of the company's stock, valued at approximately $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 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.

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.