Latigo Biotherapeutics (NASDAQ:LTGO) Sets New 12-Month Low - Should You Sell?

Key Points

• Latigo Biotherapeutics shares fell to a new 52-week low of $13.26, trading below the 50-day moving average of $18.92. The company has a market capitalization of approximately $895.7 million and reported a quarterly loss of $27.59 per share.
• Despite the stock’s decline, analysts remain broadly bullish: four analysts rate it a Buy, with an average price target of $52.25. Targets range from $36 to $73, although Wall Street Zen downgraded the stock to Sell.
• Company insiders recently purchased shares at $18 each, including 140,000-share acquisitions by a director and a major shareholder. Latigo is developing LTG-001, an oral Nav1.8 inhibitor intended as a non-opioid treatment for acute and chronic pain.

Shares of Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $13.26 and last traded at $13.51, with a volume of 289,064 shares traded. The stock had previously closed at $13.95.

Wall Street Analyst Weigh In

LTGO has been the topic of several research reports. Leerink Partners began coverage on shares of Latigo Biotherapeutics in a research report on Tuesday, September 1st. They issued an "outperform" rating and a $36.00 price objective on the stock. The Goldman Sachs Group assumed coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They set a "buy" rating and a $73.00 target price for the company. Jefferies Financial Group began 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. Finally, Wall Street Zen lowered Latigo Biotherapeutics from a "hold" rating to a "sell" rating in a report on Saturday, October 17th. Four equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $52.25.

Latigo Biotherapeutics Price Performance

The business's 50 day simple moving average is $18.92. The firm has a market cap of $895.71 million and a PE ratio of -0.26.

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

Insider Buying and Selling at Latigo Biotherapeutics

In other news, Director James Tananbaum bought 140,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost 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 of the company's stock, valued at $36,144,432. This represents a 7.49% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Foresite Capital Management V, bought 140,000 shares of the 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 acquisition, the insider 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.

Latigo Biotherapeutics Company Profile

Latigo Biotherapeutics, Inc is a clinical-stage biopharmaceutical company developing non-opioid treatments for pain. The company focuses on therapies designed to selectively target Nav1.8, a sodium channel expressed in peripheral sensory neurons that plays an important role in the transmission of pain signals.

Latigo's lead product candidate, LTG-001, is an oral, selective Nav1.8 inhibitor being developed for the treatment of acute and chronic pain conditions. By targeting pain signaling outside the central nervous system, the company aims to develop alternatives to opioid medicines and other pain treatments that may carry significant safety or tolerability concerns.

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.