Latigo Biotherapeutics (NASDAQ:LTGO) Stock Price Up 9% - Here's What Happened

Key Points

• Latigo Biotherapeutics shares rose 9% to $16.58 in Thursday trading, although volume was exceptionally low at roughly 2,332 shares versus an average of 291,974.
• Analyst sentiment is broadly positive: the stock has an average “Buy” rating and a consensus price target of $52.25, though ratings range from Goldman Sachs’ $73 target to a recent “Sell” downgrade from Wall Street Zen.
• Major shareholders increased their positions by purchasing 140,000 shares each at $18 per share, while Latigo continues developing LTG-001, an oral Nav1.8 inhibitor aimed at treating pain without opioids.

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO - Get Free Report)'s stock price was up 9% on Thursday. The company traded as high as $16.62 and last traded at $16.58. Approximately 2,332 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 291,974 shares. The stock had previously closed at $15.21.

Analysts Set New Price Targets

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

Latigo Biotherapeutics Stock Up 1.9%

The stock has a market capitalization of $1.07 billion and a PE ratio of -0.31. The company has a 50 day moving average price of $19.18.

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

Insider Buying and Selling at Latigo Biotherapeutics

In related news, major shareholder Foresite Capital Management V, acquired 140,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $18.00 per share, with a total value of $2,520,000.00. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James B. Tananbaum bought 140,000 shares of the firm's stock in a transaction that occurred 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 transaction, 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. The disclosure for this purchase is available in the SEC filing.

About Latigo Biotherapeutics

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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