Latigo Biotherapeutics (NASDAQ:LTGO) Shares Down 6.1% – Here’s What Happened

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO)’s stock price traded down 6.1% during mid-day trading on Monday . The company traded as low as $22.18 and last traded at $22.76. 58,832 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 220,511 shares. The stock had previously closed at $24.23.

Analyst Upgrades and Downgrades

LTGO has been the topic of a number of recent analyst reports. Guggenheim initiated coverage on Latigo Biotherapeutics in a research note on Tuesday. They set a “buy” rating and a $50.00 target price on the stock. Wall Street Zen upgraded shares of Latigo Biotherapeutics to a “hold” rating in a research report on Saturday, August 15th. The Goldman Sachs Group began coverage on shares of Latigo Biotherapeutics in a report on Tuesday. They set a “buy” rating and a $73.00 price objective for the company. Leerink Partners started coverage on shares of Latigo Biotherapeutics in a research report on Tuesday. They issued an “outperform” rating and a $36.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Latigo Biotherapeutics in a research note on Tuesday. They issued a “buy” rating and a $50.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $52.25.

Latigo Biotherapeutics Stock Up 1.1%

Insider Activity

In other Latigo Biotherapeutics news, major shareholder Foresite Capital Management V, bought 140,000 shares of Latigo Biotherapeutics stock in a transaction dated Monday, August 10th. The stock was purchased at an average price of $18.00 per share, for a total transaction of $2,520,000.00. Following the completion of the purchase, the insider directly owned 2,008,024 shares of the company’s stock, valued at approximately $36,144,432. This trade represents a 7.49% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James B. Tananbaum purchased 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, for a total transaction of $2,520,000.00. Following the completion of the purchase, the director directly owned 2,008,024 shares in the company, valued at $36,144,432. This represents a 7.49% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

About Latigo Biotherapeutics

Latigo Biotherapeutics Inc is a clinical-stage biopharmaceutical company committed to developing innovative non-opioid pain medicines designed to stop the transmission of pain without the risk of addiction. Its lead product candidate includes LTG-001. Latigo Biotherapeutics Inc is based in THOUSAND OAKS, Calif.