Latigo Biotherapeutics (NASDAQ:LTGO) Shares Up 5.5% - Here's Why

Key Points

• Latigo Biotherapeutics shares rose 5.5% to $16.09, although trading volume was about 96% below the stock’s average daily volume.
• Analyst sentiment is broadly positive: four analysts rate the stock “Buy,” with a consensus price target of $52.25, despite Wall Street Zen downgrading it to “Sell.”
• Insiders increased their holdings, with director James Tananbaum and Foresite Capital each purchasing 140,000 shares at $18 per share. Latigo is developing LTG-001, an oral Nav1.8 inhibitor aimed at treating pain without opioids.

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) rose 5.5% during trading on Wednesday. The company traded as high as $16.28 and last traded at $16.09. Approximately 12,705 shares were traded during trading, a decline of 96% from the average daily volume of 301,730 shares. The stock had previously closed at $15.25.

Wall Street Analyst Weigh In

LTGO has been the topic of several research analyst reports. The Goldman Sachs Group started 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. Leerink Partners began coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They set an "outperform" rating and a $36.00 price objective for the company. Guggenheim initiated 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. Wall Street Zen cut Latigo Biotherapeutics from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Jefferies Financial Group assumed coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a "buy" rating and a $50.00 price target for the company. Four research 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 price target of $52.25.

Latigo Biotherapeutics Stock Performance

The company has a market cap of $1.07 billion and a P/E ratio of -0.31. The business's fifty day moving average is $19.72.

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 Buying and Selling at Latigo Biotherapeutics

In other news, Director James Tananbaum bought 140,000 shares of the business's stock in a transaction on Monday, August 10th. The stock was purchased at an average price of $18.00 per share, with a total value of $2,520,000.00. Following the transaction, the director directly owned 2,008,024 shares in the company, valued at approximately $36,144,432. The trade was a 7.49% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Foresite Capital Management V, purchased 140,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were purchased 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 insider directly owned 2,008,024 shares of the company's stock, valued at approximately $36,144,432. This trade 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 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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