JMP Securities Raises Larimar Therapeutics (NASDAQ:LRMR) Price Target to $16.00

Larimar Therapeutics (NASDAQ:LRMRGet Rating) had its price objective raised by JMP Securities from $10.00 to $16.00 in a report issued on Monday morning, The Fly reports. JMP Securities currently has a market outperform rating on the stock.

LRMR has been the subject of a number of other research reports. William Blair upgraded shares of Larimar Therapeutics from a market perform rating to an outperform rating in a report on Monday. Lifesci Capital upgraded shares of Larimar Therapeutics from a market perform rating to an outperform rating in a report on Friday, August 12th.

Larimar Therapeutics Stock Down 5.5 %

Shares of LRMR opened at $3.26 on Monday. The company has a 50-day simple moving average of $2.50 and a 200-day simple moving average of $2.88. The company has a market capitalization of $57.73 million, a PE ratio of -1.37 and a beta of 0.95. Larimar Therapeutics has a 52-week low of $1.53 and a 52-week high of $13.69.

Larimar Therapeutics (NASDAQ:LRMRGet Rating) last announced its quarterly earnings results on Thursday, August 11th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.15. On average, research analysts anticipate that Larimar Therapeutics will post -1.88 EPS for the current year.

Insider Buying and Selling at Larimar Therapeutics

In other Larimar Therapeutics news, Director Thomas Edward Hamilton bought 317,460 shares of the company’s stock in a transaction on Friday, September 16th. The stock was purchased at an average cost of $3.15 per share, for a total transaction of $999,999.00. Following the acquisition, the director now owns 507,590 shares of the company’s stock, valued at approximately $1,598,908.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Michael Celano purchased 31,746 shares of the stock in a transaction dated Friday, September 16th. The stock was acquired at an average cost of $3.15 per share, for a total transaction of $99,999.90. Following the completion of the acquisition, the chief financial officer now directly owns 31,746 shares in the company, valued at approximately $99,999.90. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas Edward Hamilton purchased 317,460 shares of the stock in a transaction dated Friday, September 16th. The shares were purchased at an average price of $3.15 per share, with a total value of $999,999.00. Following the completion of the acquisition, the director now owns 507,590 shares of the company’s stock, valued at $1,598,908.50. The disclosure for this purchase can be found here. In the last three months, insiders acquired 666,666 shares of company stock worth $2,099,998. 6.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Larimar Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of LRMR. Verition Fund Management LLC grew its holdings in shares of Larimar Therapeutics by 80.0% during the first quarter. Verition Fund Management LLC now owns 424,599 shares of the company’s stock worth $1,720,000 after buying an additional 188,764 shares in the last quarter. Opaleye Management Inc. boosted its position in shares of Larimar Therapeutics by 6.1% in the fourth quarter. Opaleye Management Inc. now owns 883,602 shares of the company’s stock worth $9,534,000 after acquiring an additional 50,795 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Larimar Therapeutics by 60.3% in the first quarter. Bank of America Corp DE now owns 116,223 shares of the company’s stock worth $471,000 after acquiring an additional 43,713 shares during the last quarter. Ghost Tree Capital LLC boosted its position in shares of Larimar Therapeutics by 12.5% in the fourth quarter. Ghost Tree Capital LLC now owns 225,000 shares of the company’s stock worth $2,428,000 after acquiring an additional 25,000 shares during the last quarter. Finally, DAFNA Capital Management LLC boosted its position in shares of Larimar Therapeutics by 8.8% in the fourth quarter. DAFNA Capital Management LLC now owns 70,177 shares of the company’s stock worth $757,000 after acquiring an additional 5,690 shares during the last quarter. 81.44% of the stock is currently owned by hedge funds and other institutional investors.

About Larimar Therapeutics

(Get Rating)

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 1 clinical trial for the treatment of Friedreich's ataxia, a rare, progressive, and fatal genetic disease.

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