Latigo Biotherapeutics (NASDAQ:LTGO) Shares Climb 6.2% – What’s Next?

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) shares traded up 6.2% on Friday. The stock traded as high as $15.82 and last traded at $15.70. Approximately 37,048 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 317,012 shares. The stock had previously closed at $14.79.

Analysts Set New Price Targets

Several analysts have weighed in on LTGO shares. Wall Street Zen upgraded shares of Latigo Biotherapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 26th. The Goldman Sachs Group assumed coverage on shares of Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a “buy” rating and a $73.00 price objective on the stock. Jefferies Financial Group began coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a “buy” rating and a $50.00 price target on the stock. 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 on the stock. Finally, Guggenheim started 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. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Latigo Biotherapeutics currently has an average rating of “Buy” and an average target price of $52.25.

Latigo Biotherapeutics Price Performance

The stock has a market cap of $1.03 billion and a price-to-earnings ratio of -0.29. The business’s 50 day moving average price is $20.47.

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

Insiders Place Their Bets

In related news, major shareholder Foresite Capital Management V, purchased 140,000 shares of the company’s stock in a transaction dated 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 acquisition, the insider directly owned 2,008,024 shares in the company, valued at $36,144,432. The trade was a 7.49% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Tananbaum purchased 140,000 shares of the stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $2,520,000.00. Following the completion of the acquisition, the director directly owned 2,008,024 shares in the company, valued at approximately $36,144,432. This trade represents 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, 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.