Larimar Therapeutics, Inc. (NASDAQ:LRMR) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR) have received an average recommendation of “Buy” from the ten brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $16.50.

Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Thursday, January 22nd. Citigroup upped their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Wedbush increased their price objective on Larimar Therapeutics from $12.00 to $13.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Truist Financial raised Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 24th.

Insider Activity at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn acquired 5,000,000 shares of the stock in a transaction dated Friday, February 27th. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $25,000,000.00. Following the acquisition, the director owned 10,622,957 shares in the company, valued at $53,114,785. The trade was a 88.92% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Larimar Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. boosted its position in Larimar Therapeutics by 44.2% during the third quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company’s stock valued at $98,861,000 after buying an additional 9,375,000 shares during the period. Blue Owl Capital Holdings LP increased its holdings in shares of Larimar Therapeutics by 16.6% in the fourth quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company’s stock worth $25,998,000 after buying an additional 970,650 shares during the period. Millennium Management LLC increased its holdings in shares of Larimar Therapeutics by 7.2% in the fourth quarter. Millennium Management LLC now owns 5,206,364 shares of the company’s stock worth $19,836,000 after buying an additional 349,533 shares during the period. Opaleye Management Inc. lifted its stake in shares of Larimar Therapeutics by 114.7% in the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company’s stock valued at $11,878,000 after acquiring an additional 2,195,923 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Larimar Therapeutics by 44.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,087,840 shares of the company’s stock valued at $9,974,000 after acquiring an additional 945,809 shares during the period. 91.92% of the stock is owned by institutional investors.

Larimar Therapeutics Trading Up 4.0%

Shares of NASDAQ LRMR opened at $4.68 on Thursday. Larimar Therapeutics has a 12 month low of $1.61 and a 12 month high of $6.42. The firm has a market capitalization of $486.16 million, a price-to-earnings ratio of -2.12 and a beta of 1.02. The business has a 50-day moving average of $4.17 and a 200-day moving average of $3.96.

Larimar Therapeutics (NASDAQ:LRMR) last announced its earnings results on Thursday, March 19th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.30). On average, analysts predict that Larimar Therapeutics will post -1.15 earnings per share for the current year.

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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.