Larimar Therapeutics (NASDAQ:LRMR) Shares Up 6%

Larimar Therapeutics, Inc. (NASDAQ:LRMR)’s share price was up 6% during mid-day trading on Monday . The stock traded as high as $8.31 and last traded at $8.24. Approximately 205,198 shares changed hands during trading, a decline of 61% from the average daily volume of 529,715 shares. The stock had previously closed at $7.77.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Citigroup raised their target price on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. JMP Securities restated a “market outperform” rating and issued a $25.00 target price on shares of Larimar Therapeutics in a research note on Friday, March 15th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Larimar Therapeutics in a research report on Wednesday, April 3rd. SVB Leerink began coverage on Larimar Therapeutics in a research report on Wednesday, April 3rd. They issued an “outperform” rating and a $25.00 price objective for the company. Finally, Lifesci Capital reaffirmed an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday, February 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Larimar Therapeutics presently has an average rating of “Buy” and a consensus target price of $18.50.

Larimar Therapeutics Stock Performance

The stock has a 50 day moving average of $8.10 and a 200-day moving average of $6.11. The company has a market cap of $505.30 million, a PE ratio of -9.32 and a beta of 0.96.

Larimar Therapeutics (NASDAQ:LRMR) last released its earnings results on Thursday, March 14th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Equities research analysts forecast that Larimar Therapeutics, Inc. will post -1.24 EPS for the current year.

Insiders Place Their Bets

In other news, Director James E. Flynn bought 4,290,617 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was purchased at an average cost of $8.74 per share, with a total value of $37,499,992.58. Following the acquisition, the director now directly owns 6,151,406 shares in the company, valued at $53,763,288.44. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Larimar Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of Larimar Therapeutics during the 3rd quarter worth about $44,000. Pale Fire Capital SE purchased a new position in Larimar Therapeutics during the third quarter worth about $48,000. Fred Alger Management LLC boosted its stake in Larimar Therapeutics by 22.5% during the third quarter. Fred Alger Management LLC now owns 116,269 shares of the company’s stock worth $459,000 after buying an additional 21,331 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Larimar Therapeutics by 80.6% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock valued at $4,648,000 after acquiring an additional 525,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Larimar Therapeutics in the 1st quarter valued at approximately $4,829,000. Hedge funds and other institutional investors own 91.92% of the company’s stock.

About Larimar Therapeutics

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 OLE clinical trial for the treatment of Friedreich's ataxia, a rare, progressive and fatal genetic disease.