Latigo Biotherapeutics (NASDAQ:LTGO) Stock Price Down 6.3% – Here’s Why

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO)’s share price fell 6.3% during mid-day trading on Friday. The stock traded as low as $15.49 and last traded at $15.53. 41,025 shares were traded during mid-day trading, a decline of 86% from the average session volume of 296,637 shares. The stock had previously closed at $16.57.

Analysts Set New Price Targets

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

Latigo Biotherapeutics Price Performance

The company has a market capitalization of $1.03 billion and a price-to-earnings ratio of -0.29. The company has a 50 day simple moving average of $19.59.

Latigo Biotherapeutics (NASDAQ:LTGO) last released its quarterly earnings data on Thursday, September 3rd. The company reported ($27.59) earnings per share 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 company’s 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 purchase, the insider owned 2,008,024 shares of the company’s stock, valued at $36,144,432. This represents a 7.49% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James B. Tananbaum bought 140,000 shares of Latigo Biotherapeutics stock in a transaction on Monday, August 10th. The shares were acquired 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 director owned 2,008,024 shares of the company’s stock, valued at approximately $36,144,432. This represents a 7.49% increase in their position. 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.