Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) Sees Large Growth in Short Interest

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) saw a large growth in short interest in the month of 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. Currently, 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 519,457 shares, the short-interest ratio is presently 1.6 days.

Insider Buying and Selling at Latigo Biotherapeutics

In other Latigo Biotherapeutics news, Director James B. Tananbaum purchased 140,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were acquired 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 director directly owned 2,008,024 shares in the company, valued at $36,144,432. The trade was a 7.49% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Foresite Capital Management V, acquired 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 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 disclosure for this purchase is available in the SEC filing.

Latigo Biotherapeutics Stock Down 5.1%

LTGO stock traded down $0.76 during mid-day trading on Friday, hitting $14.00. The company had a trading volume of 207,382 shares, compared to its average volume of 311,332. The company has a market capitalization of $928.19 million and a P/E ratio of -0.26. Latigo Biotherapeutics has a 12-month low of $13.50 and a 12-month high of $25.93. The firm’s 50-day moving average price is $19.95.

Latigo Biotherapeutics (NASDAQ:LTGO) last released its quarterly earnings data on Thursday, September 3rd. The company reported ($27.59) EPS for the quarter.

Analyst Ratings Changes

Several research firms recently issued reports on LTGO. Leerink Partners assumed coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They set an “outperform” rating and a $36.00 target price for the company. Wall Street Zen raised Latigo Biotherapeutics from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Jefferies Financial Group assumed coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a “buy” rating and a $50.00 price target for the company. The Goldman Sachs Group started coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a “buy” rating and a $73.00 price target for the company. Finally, Guggenheim began coverage on shares of Latigo Biotherapeutics in a report on Tuesday, September 1st. They set a “buy” rating and a $50.00 price objective for the company. Four research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $52.25.

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.