Truist Financial Upgrades Larimar Therapeutics (NASDAQ:LRMR) to Strong-Buy

Larimar Therapeutics (NASDAQ:LRMR) was upgraded by investment analysts at Truist Financial to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research analysts have also issued reports on LRMR. Leerink Partners upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Monday, January 5th. Wedbush increased their price target on Larimar Therapeutics from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Citigroup raised their price target on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Thursday, January 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $16.50.

Larimar Therapeutics Trading Up 3.6%

Larimar Therapeutics stock opened at $4.85 on Wednesday. Larimar Therapeutics has a 12-month low of $1.61 and a 12-month high of $6.42. The firm has a 50-day moving average price of $4.06 and a 200-day moving average price of $3.94. The firm has a market capitalization of $503.82 million, a PE ratio of -2.19 and a beta of 0.91.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.30). As a group, sell-side analysts predict that Larimar Therapeutics will post -1.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James E. Flynn acquired 5,000,000 shares of the stock in a transaction on Friday, February 27th. The stock was bought at an average cost of $5.00 per share, with a total value of $25,000,000.00. Following the transaction, the director directly owned 10,622,957 shares in the company, valued at approximately $53,114,785. This represents a 88.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors have recently modified their holdings of the stock. CWM LLC increased its stake in shares of Larimar Therapeutics by 10.3% during the third quarter. CWM LLC now owns 36,013 shares of the company’s stock valued at $116,000 after buying an additional 3,361 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Larimar Therapeutics by 75.8% in the third quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock valued at $33,000 after acquiring an additional 4,376 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Larimar Therapeutics by 33.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 18,248 shares of the company’s stock worth $59,000 after acquiring an additional 4,619 shares during the period. Velan Capital Investment Management LP lifted its stake in Larimar Therapeutics by 17.9% in the second quarter. Velan Capital Investment Management LP now owns 33,000 shares of the company’s stock worth $95,000 after acquiring an additional 5,000 shares during the period. Finally, American Century Companies Inc. grew its holdings in Larimar Therapeutics by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after acquiring an additional 5,001 shares in the last quarter. 91.92% of the stock is owned by hedge funds and other institutional investors.

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 OLE clinical trial for the treatment of Friedreich's ataxia, a rare, progressive and fatal genetic disease. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.