Latigo Biotherapeutics (NASDAQ:LTGO) Reaches New 52-Week Low – Here’s Why

Shares of Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) hit a new 52-week low during trading on Wednesday. The stock traded as low as $14.52 and last traded at $14.55, with a volume of 63,844 shares. The stock had previously closed at $15.71.

Wall Street Analyst Weigh In

Several research firms recently weighed in on LTGO. Guggenheim assumed coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued a “buy” rating and a $50.00 target price for the company. 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. The Goldman Sachs Group initiated coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They set a “buy” rating and a $73.00 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. Finally, Leerink Partners initiated coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $36.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating. According to MarketBeat, Latigo Biotherapeutics currently has an average rating of “Buy” and a consensus price target of $52.25.

Latigo Biotherapeutics Trading Up 5.4%

The company has a market cap of $978.57 million and a P/E ratio of -0.28. The stock has a fifty day moving average price of $19.95.

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

Insider Activity at Latigo Biotherapeutics

In other news, Director James B. Tananbaum acquired 140,000 shares of Latigo Biotherapeutics stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $18.00 per share, for a total transaction of $2,520,000.00. Following the acquisition, the director owned 2,008,024 shares of the company’s stock, 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 SEC, which can be accessed through the SEC website. Also, major shareholder Foresite Capital Management V, bought 140,000 shares of the stock in a transaction that occurred 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 purchase, the insider 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 SEC filing for this purchase provides additional information.

Latigo Biotherapeutics Company Profile

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.