Latigo Biotherapeutics (NASDAQ:LTGO) Sets New 52-Week Low - Here's What Happened

Key Points

• Latigo Biotherapeutics shares fell 8.3%, reaching a new 52-week low of $14.52 before last trading at $14.55, down from the prior close of $15.71.
• Analysts remain broadly bullish, with four Buy ratings and a consensus target price of $52.25; individual targets range from $36 to $73.
• The clinical-stage pain-treatment company reported a quarterly loss of $27.59 per share, while insiders separately purchased 140,000 shares each at $18 per share.

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) shares reached a new 52-week low on Wednesday. The stock traded as low as $14.52 and last traded at $14.55, with a volume of 63,844 shares trading hands. The stock had previously closed at $15.71.

Analyst Ratings Changes

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

Latigo Biotherapeutics Trading Down 8.3%

The stock has a market capitalization of $955.38 million and a P/E ratio of -0.27. The firm has a fifty day moving average of $20.18.

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

Insiders Place Their Bets

In other Latigo Biotherapeutics news, Director James Tananbaum acquired 140,000 shares of Latigo Biotherapeutics stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $18.00 per share, with a total value of $2,520,000.00. Following the acquisition, the director owned 2,008,024 shares of the company's stock, valued at approximately $36,144,432. The trade was a 7.49% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Foresite Capital Management V, acquired 140,000 shares of Latigo Biotherapeutics stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $18.00 per share, with a total value of $2,520,000.00. Following the completion of the acquisition, the insider directly owned 2,008,024 shares in the company, valued at $36,144,432. This trade represents 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 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.