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

Latigo Biotherapeutics, Inc. (NASDAQ:LTGO) was the target of a significant increase in short interest during 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 days-to-cover ratio is currently 1.7 days. Currently, 0.5% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Guggenheim started coverage on Latigo Biotherapeutics in a research note on Tuesday, September 1st. They issued 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 report on Saturday, September 5th. The Goldman Sachs Group began coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They issued a “buy” rating and a $73.00 price objective for the company. Leerink Partners initiated coverage on Latigo Biotherapeutics in a research report on Tuesday, September 1st. They set an “outperform” rating and a $36.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Latigo Biotherapeutics in a report on Tuesday, September 1st. They set a “buy” rating and a $50.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $52.25.

Latigo Biotherapeutics Stock Up 1.6%

Shares of Latigo Biotherapeutics stock opened at $23.01 on Wednesday. Latigo Biotherapeutics has a 52-week low of $17.22 and a 52-week high of $25.93.

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

Insider Activity at Latigo Biotherapeutics

In related news, Director James Tananbaum purchased 140,000 shares of the business’s stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $18.00 per share, with a total value of $2,520,000.00. Following the purchase, the director directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Foresite Capital Management V, purchased 140,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $18.00 per share, for a total transaction of $2,520,000.00. Following the acquisition, the insider directly owned 2,008,024 shares in the company, valued at approximately $36,144,432. The trade was a 7.49% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

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.