Latigo Biotherapeutics (NASDAQ:LTGO) Stock Price Down 22.4% – What’s Next?

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) traded down 22.4% during mid-day trading on Thursday. The stock traded as low as $10.24 and last traded at $10.89. 51,744 shares were traded during trading, a decline of 82% from the average session volume of 280,885 shares. The stock had previously closed at $14.04.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Jefferies Financial Group started coverage on shares of Latigo Biotherapeutics in a research report on Tuesday, September 1st. They issued a “buy” rating and a $50.00 price objective for the company. Leerink Partners started coverage on shares of Latigo Biotherapeutics in a research note on Tuesday, September 1st. They set an “outperform” rating and a $36.00 price target on the stock. The Goldman Sachs Group assumed coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued a “buy” rating and a $73.00 price target for the company. Weiss Ratings assumed coverage on shares of Latigo Biotherapeutics in a research report on Tuesday. They issued a “sell (e-)” rating for the company. Finally, Guggenheim began coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.25.

Latigo Biotherapeutics Stock Performance

The company’s 50-day simple moving average is $18.42. The firm has a market cap of $873.17 million and a P/E ratio of -0.25.

Latigo Biotherapeutics (NASDAQ:LTGO) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.55) earnings per share (EPS) for the quarter.

Insider Transactions at Latigo Biotherapeutics

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

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.