Latigo Biotherapeutics (NASDAQ:LTGO) Stock Jumps 9% – Time to Buy?

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

Analyst Ratings Changes

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

Latigo Biotherapeutics Trading Down 10.2%

The stock’s 50-day moving average is $18.92.

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

Insider Buying and Selling at Latigo Biotherapeutics

In other news, Director James Tananbaum bought 140,000 shares of Latigo Biotherapeutics stock in a transaction that occurred on 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 purchase, the director directly owned 2,008,024 shares in the company, valued at $36,144,432. The trade was a 7.49% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Foresite Capital Management V, purchased 140,000 shares of the stock in a transaction on Monday, August 10th. The shares were purchased at an average price of $18.00 per share, for a total transaction of $2,520,000.00. Following the transaction, the insider directly owned 2,008,024 shares of the company’s stock, valued at approximately $36,144,432. This represents 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.