Latigo Biotherapeutics (NASDAQ:LTGO) Stock Falls 5.7% - What's Next?

Key Points

• Latigo Biotherapeutics shares fell 5.7% to about $17.06, with trading volume down 72% from its average.
• Analyst sentiment remains positive: four analysts rate the stock Buy, producing a consensus Buy rating and an average price target of $52.25.
• The company reported a quarterly loss of $27.59 per share, while major shareholders recently purchased a combined 280,000 shares at $18 each, signaling insider confidence.

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report) fell 5.7% during trading on Wednesday. The company traded as low as $17.02 and last traded at $17.06. Approximately 84,091 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 300,072 shares. The stock had previously closed at $18.10.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LTGO shares. Wall Street Zen upgraded shares of Latigo Biotherapeutics from a "sell" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group assumed coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued a "buy" rating and a $73.00 target price for the company. Guggenheim initiated 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. Leerink Partners started coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They set an "outperform" rating and a $36.00 price target on the stock. 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 objective for the company. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $52.25.

Latigo Biotherapeutics Trading Down 6.3%

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

Insider Activity

In related news, major shareholder Foresite Capital Management V, acquired 140,000 shares of the stock in a transaction dated 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 transaction, the insider owned 2,008,024 shares in the company, valued at $36,144,432. This represents a 7.49% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James Tananbaum purchased 140,000 shares of the firm's stock in a transaction that occurred 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 purchase, the director directly owned 2,008,024 shares of the company's stock, valued at $36,144,432. The trade was a 7.49% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

About Latigo Biotherapeutics

Latigo Biotherapeutics is a clinical-stage biopharmaceutical company developing non-opioid medicines for the treatment of acute and chronic pain. The company focuses on selectively targeting Nav1.8, a sodium channel involved in the transmission of pain signals, with the goal of developing therapies that may provide pain relief without the risks associated with opioid medications.

Latigo's pipeline includes small-molecule Nav1.8 inhibitors, led by LTG-001 for acute pain and additional research programs aimed at chronic pain conditions.

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