Latigo Biotherapeutics (NASDAQ:LTGO) Shares Down 6.3% - Should You Sell?

Key Points

• Latigo Biotherapeutics shares fell 6.3% to $15.53 in low-volume trading, well below the 50-day moving average of $19.59.
• Analyst sentiment remains broadly positive: four analysts rate the stock “Buy,” with a consensus price target of $52.25, although Wall Street Zen downgraded it to “Sell.”
• The clinical-stage biotech reported a quarterly loss of $27.59 per share, while major shareholders and a director each purchased 140,000 shares at $18 per share. The company is developing LTG-001, an oral non-opioid Nav1.8 inhibitor for pain treatment.

Shares of Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) were down 6.3% on Friday. The stock traded as low as $15.49 and last traded at $15.53. Approximately 41,025 shares changed hands during trading, a decline of 86% from the average session volume of 296,637 shares. The stock had previously closed at $16.57.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LTGO. Leerink Partners began coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued an "outperform" rating and a $36.00 target price on the stock. Jefferies Financial Group initiated coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued a "buy" rating and a $50.00 price objective for the company. Guggenheim started coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They set a "buy" rating and a $50.00 price objective for the company. The Goldman Sachs Group assumed coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They set a "buy" rating and a $73.00 price target on the stock. Finally, Wall Street Zen downgraded Latigo Biotherapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, October 17th. Four analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $52.25.

Latigo Biotherapeutics Stock Performance

The firm has a market capitalization of $1.03 billion and a price-to-earnings ratio of -0.29. The firm's 50 day simple moving average is $19.59.

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

Insider Activity at Latigo Biotherapeutics

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

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.

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