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

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 308,625 shares, an increase of 129.5% from the August 15th total of 134,468 shares. Based on an average daily volume of 179,042 shares, the short-interest ratio is presently 1.7 days. Currently, 0.5% of the shares of the company are sold short.

Insiders Place Their Bets

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

Latigo Biotherapeutics Stock Performance

NASDAQ:LTGO opened at $22.15 on Monday. Latigo Biotherapeutics has a 52-week low of $17.22 and a 52-week high of $25.93.

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

Analyst Ratings Changes

A number of brokerages recently commented on LTGO. 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. Jefferies Financial Group began coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They set a “buy” rating and a $50.00 target price on the stock. Wall Street Zen cut Latigo Biotherapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. The Goldman Sachs Group started coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They set a “buy” rating and a $73.00 price objective on the stock. Finally, Guggenheim initiated coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued a “buy” rating and a $50.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Latigo Biotherapeutics presently has an average rating of “Buy” and a consensus price target of $52.25.

About Latigo Biotherapeutics

Latigo Biotherapeutics is a clinical-stage biopharmaceutical company developing non-opioid medicines for the treatment of acute and chronic pain. The company focuses on selectively targeting Nav1.8, a sodium channel involved in the transmission of pain signals, with the goal of developing therapies that may provide pain relief without the risks associated with opioid medications.

Latigo’s pipeline includes small-molecule Nav1.8 inhibitors, led by LTG-001 for acute pain and additional research programs aimed at chronic pain conditions.