Larimar Therapeutics (NASDAQ:LRMR) Shares Up 8.2% Following Analyst Upgrade

Larimar Therapeutics, Inc. (NASDAQ:LRMR)’s share price rose 8.2% on Friday after Wedbush raised their price target on the stock from $12.00 to $13.00. Wedbush currently has an outperform rating on the stock. Larimar Therapeutics traded as high as $4.83 and last traded at $4.8350. Approximately 1,065,757 shares were traded during trading, a decline of 76% from the average daily volume of 4,496,090 shares. The stock had previously closed at $4.47.

A number of other equities analysts also recently commented on the company. Citigroup lifted their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Leerink Partners upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, January 22nd. Finally, Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $16.43.

Insider Activity at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn bought 5,000,000 shares of the business’s stock in a transaction dated Friday, February 27th. The shares were acquired at an average price of $5.00 per share, with a total value of $25,000,000.00. Following the transaction, the director owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. The trade was a 88.92% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.50% of the company’s stock.

Institutional Trading of Larimar Therapeutics

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its stake in Larimar Therapeutics by 75.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock worth $33,000 after buying an additional 4,376 shares during the last quarter. B.O.S.S. Retirement Advisors LLC purchased a new stake in Larimar Therapeutics in the third quarter valued at approximately $41,000. Savant Capital LLC acquired a new stake in shares of Larimar Therapeutics in the second quarter valued at approximately $39,000. SG Americas Securities LLC acquired a new stake in shares of Larimar Therapeutics in the fourth quarter valued at approximately $60,000. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Larimar Therapeutics during the third quarter worth approximately $57,000. 91.92% of the stock is owned by institutional investors and hedge funds.

Larimar Therapeutics Price Performance

The business’s 50-day moving average price is $3.95 and its 200-day moving average price is $3.92. The firm has a market capitalization of $465.12 million, a PE ratio of -2.03 and a beta of 0.91.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings results on Monday, March 23rd. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.30). Equities analysts forecast that Larimar Therapeutics, Inc. 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.