Latigo Biotherapeutics (NASDAQ:LTGO) Shares Climb 6.2% - Time to Buy?

Key Points

• Latigo Biotherapeutics shares rose 6.2% to about $15.70, although trading volume was 88% below the average session volume.
• Analyst coverage is broadly positive, with a consensus “Buy” rating and a $52.25 price target; individual targets range from $36 to $73.
• Company insiders recently purchased a combined 280,000 shares at $18 each, while Latigo continues developing non-opioid pain treatments targeting the Nav1.8 sodium channel.

Shares of Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) traded up 6.2% during trading on Friday. The stock traded as high as $15.82 and last traded at $15.70. Approximately 37,048 shares were traded during mid-day trading, a decline of 88% from the average session volume of 317,012 shares. The stock had previously closed at $14.79.

Analysts Set New Price Targets

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

Latigo Biotherapeutics Trading Up 5.3%

The stock has a market capitalization of $1.03 billion and a P/E ratio of -0.29. The firm's fifty day simple moving average is $20.47.

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

Insider Buying and Selling

In other Latigo Biotherapeutics news, Director James B. Tananbaum acquired 140,000 shares of Latigo Biotherapeutics stock in a transaction on Monday, August 10th. The shares were purchased 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 in the company, valued at $36,144,432. The trade was a 7.49% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Foresite Capital Management V, bought 140,000 shares of the stock in a transaction on Monday, August 10th. The stock was purchased at an average cost of $18.00 per share, with a total value of $2,520,000.00. Following the purchase, 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 position. 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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