Latigo Biotherapeutics (NASDAQ:LTGO) Stock Price Up 5.5% – Here’s What Happened

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) shares shot up 5.5% during mid-day trading on Wednesday. The company traded as high as $16.28 and last traded at $16.09. 12,705 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 301,730 shares. The stock had previously closed at $15.25.

Analyst Upgrades and Downgrades

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

Latigo Biotherapeutics Stock Performance

The company’s 50 day simple moving average is $19.72. The firm has a market cap of $1.07 billion and a P/E ratio of -0.31.

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

Insider Transactions at Latigo Biotherapeutics

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

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.