Wedbush Forecasts Strong Price Appreciation for Larimar Therapeutics (NASDAQ:LRMR) Stock

Larimar Therapeutics (NASDAQ:LRMR) had its price objective lifted by analysts at Wedbush from $12.00 to $13.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price target suggests a potential upside of 189.53% from the stock’s current price.

LRMR has been the topic of several other research reports. Citigroup boosted 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. Lifesci Capital upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Thursday, January 22nd. Finally, Leerink Partners upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a report on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $16.43.

Larimar Therapeutics Stock Up 0.4%

Shares of NASDAQ LRMR opened at $4.49 on Friday. The stock has a market capitalization of $465.12 million, a price-to-earnings ratio of -2.03 and a beta of 0.91. The stock’s fifty day simple moving average is $3.95 and its 200 day simple moving average is $3.92. Larimar Therapeutics has a 52-week low of $1.61 and a 52-week high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last announced its 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). As a group, analysts anticipate that Larimar Therapeutics will post -1.15 earnings per share for the current year.

Insiders Place Their Bets

In other Larimar Therapeutics news, Director James E. Flynn purchased 5,000,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The shares were purchased at an average cost of $5.00 per share, with a total value of $25,000,000.00. Following the completion of the transaction, the director owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. This represents a 88.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. AIGH Capital Management LLC acquired a new position in shares of Larimar Therapeutics in the 3rd quarter valued at about $3,230,000. Blue Owl Capital Holdings LP boosted its holdings in shares of Larimar Therapeutics by 18.8% during the third quarter. Blue Owl Capital Holdings LP now owns 5,853,040 shares of the company’s stock worth $18,905,000 after purchasing an additional 925,000 shares during the period. Cantor Fitzgerald L. P. acquired a new stake in shares of Larimar Therapeutics during the third quarter worth approximately $412,000. XTX Topco Ltd purchased a new position in Larimar Therapeutics during the second quarter valued at approximately $484,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Larimar Therapeutics by 70.6% during the second quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 307,198 shares of the company’s stock valued at $888,000 after purchasing an additional 127,171 shares in 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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.