Larimar Therapeutics (NASDAQ:LRMR) Trading 8.1% Higher

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR) traded up 8.1% during mid-day trading on Thursday . The stock traded as high as $7.86 and last traded at $7.86. 160,592 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 607,906 shares. The stock had previously closed at $7.27.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Lifesci Capital reaffirmed an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday, February 20th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of Larimar Therapeutics in a report on Friday, March 15th. Finally, Citigroup lifted their target price on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th.

Larimar Therapeutics Price Performance

The firm has a 50 day moving average of $8.59 and a 200-day moving average of $5.40. The stock has a market capitalization of $484.24 million, a P/E ratio of -9.04 and a beta of 0.95.

Insiders Place Their Bets

In other news, Director James E. Flynn acquired 4,290,617 shares of Larimar Therapeutics stock in a transaction on Friday, February 16th. The stock was bought at an average price of $8.74 per share, for a total transaction of $37,499,992.58. Following the transaction, the director now owns 6,151,406 shares of the company’s stock, valued at $53,763,288.44. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of LRMR. Blue Owl Capital Holdings LP bought a new position in shares of Larimar Therapeutics during the 4th quarter worth approximately $15,536,000. BlackRock Inc. lifted its position in shares of Larimar Therapeutics by 345.1% during the 2nd quarter. BlackRock Inc. now owns 1,438,283 shares of the company’s stock worth $4,502,000 after buying an additional 1,115,152 shares during the period. CHI Advisors LLC lifted its position in shares of Larimar Therapeutics by 24.3% during the 2nd quarter. CHI Advisors LLC now owns 3,414,468 shares of the company’s stock worth $10,687,000 after buying an additional 668,203 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Larimar Therapeutics by 1,400.0% during the 1st quarter. JPMorgan Chase & Co. now owns 671,857 shares of the company’s stock worth $3,044,000 after buying an additional 627,067 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Larimar Therapeutics by 80.6% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock worth $4,648,000 after buying an additional 525,000 shares during the period. Institutional investors own 91.92% of the company’s stock.

Larimar Therapeutics Company Profile

Larimar Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing treatments for rare diseases using its novel cell penetrating peptide technology platform. Its lead product candidate is CTI-1601, which is in Phase 2 clinical trial for the treatment of Friedreich's ataxia, a rare, progressive, and fatal genetic disease.