Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) Shares Shorted: Short Interest Up 84.9% in September

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 832,088 shares, a growth of 84.9% from the September 15th total of 449,962 shares. Based on an average daily volume of 519,457 shares, the short-interest ratio is currently 1.6 days. Approximately 1.3% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

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

Latigo Biotherapeutics Trading Down 5.1%

Shares of NASDAQ:LTGO traded down $0.76 during midday trading on Friday, hitting $14.00. 207,382 shares of the company’s stock traded hands, compared to its average volume of 419,206. The firm has a market capitalization of $928.20 million and a P/E ratio of -0.26. The firm has a fifty day moving average price of $19.87. Latigo Biotherapeutics has a twelve month low of $13.50 and a twelve month high of $25.93.

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

Insider Activity at Latigo Biotherapeutics

In other Latigo Biotherapeutics news, major shareholder Foresite Capital Management V, acquired 140,000 shares of the firm’s stock in a transaction that occurred on 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 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James B. Tananbaum purchased 140,000 shares of the stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $18.00 per share, for a total transaction of $2,520,000.00. Following the completion of the transaction, the director directly owned 2,008,024 shares of the company’s stock, valued at approximately $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.

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.