JMP Securities Lowers Larimar Therapeutics (NASDAQ:LRMR) Price Target to $18.00

Larimar Therapeutics (NASDAQ:LRMR) had its price target lowered by analysts at JMP Securities from $22.00 to $18.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ target price suggests a potential upside of 348.88% from the stock’s current price.

Several other equities analysts have also recently weighed in on LRMR. Wedbush cut their target price on shares of Larimar Therapeutics from $17.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, June 24th. Citigroup restated a “buy” rating on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. Finally, Guggenheim reiterated a “buy” rating and issued a $26.00 target price on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $18.43.

Larimar Therapeutics Stock Down 5.9%

NASDAQ LRMR opened at $4.01 on Friday. Larimar Therapeutics has a twelve month low of $1.61 and a twelve month high of $9.50. The business has a 50-day moving average price of $3.29 and a 200-day moving average price of $2.78. The firm has a market cap of $331.95 million, a price-to-earnings ratio of -2.57 and a beta of 0.93.

Larimar Therapeutics (NASDAQ:LRMR) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.06. Research analysts expect that Larimar Therapeutics will post -1.15 EPS for the current fiscal year.

Insider Activity at Larimar Therapeutics

In related news, Director James E. Flynn acquired 9,375,000 shares of Larimar Therapeutics stock in a transaction on Thursday, July 31st. The shares were bought at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following the completion of the purchase, the director directly owned 9,538,945 shares of the company’s stock, valued at $30,524,624. The trade was a 5,718.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Opaleye Management Inc. raised its holdings in Larimar Therapeutics by 114.7% during the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company’s stock valued at $11,878,000 after buying an additional 2,195,923 shares during the period. Janus Henderson Group PLC raised its stake in shares of Larimar Therapeutics by 15.7% in the fourth quarter. Janus Henderson Group PLC now owns 6,443,286 shares of the company’s stock valued at $24,936,000 after acquiring an additional 876,431 shares during the period. Blue Owl Capital Holdings LP lifted its holdings in shares of Larimar Therapeutics by 11.7% in the 4th quarter. Blue Owl Capital Holdings LP now owns 4,653,040 shares of the company’s stock worth $18,007,000 after acquiring an additional 486,211 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Larimar Therapeutics by 46.6% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,442,473 shares of the company’s stock worth $3,101,000 after purchasing an additional 458,396 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Larimar Therapeutics by 23.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,100,000 shares of the company’s stock valued at $8,127,000 after purchasing an additional 399,123 shares during the last quarter. 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.