Larimar Therapeutics (NASDAQ:LRMR) Shares Up 6%

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares rose 6% during mid-day trading on Monday . The company traded as high as $8.31 and last traded at $8.24. Approximately 205,198 shares traded hands during trading, a decline of 61% from the average daily volume of 529,715 shares. The stock had previously closed at $7.77.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Lifesci Capital restated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday, February 20th. Citigroup boosted their target price on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price target on shares of Larimar Therapeutics in a research report on Friday, March 15th. SVB Leerink started coverage on Larimar Therapeutics in a research note on Wednesday, April 3rd. They set an “outperform” rating and a $25.00 price objective for the company. Finally, Leerink Partnrs restated an “outperform” rating on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $18.50.

Larimar Therapeutics Stock Performance

The firm’s 50 day moving average price is $8.25 and its 200-day moving average price is $6.04. The firm has a market capitalization of $525.71 million, a PE ratio of -9.69 and a beta of 0.96.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). On average, equities research analysts expect that Larimar Therapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Activity at Larimar Therapeutics

In related news, Director James E. Flynn acquired 4,290,617 shares of Larimar Therapeutics stock in a transaction on Friday, February 16th. The stock was bought at an average cost of $8.74 per share, for a total transaction of $37,499,992.58. Following the completion of the transaction, the director now owns 6,151,406 shares of the company’s stock, valued at approximately $53,763,288.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Larimar Therapeutics

Several large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in shares of Larimar Therapeutics in the third quarter worth approximately $44,000. Pale Fire Capital SE acquired a new stake in Larimar Therapeutics during the 3rd quarter worth $48,000. Fred Alger Management LLC grew its holdings in shares of Larimar Therapeutics by 22.5% during the third quarter. Fred Alger Management LLC now owns 116,269 shares of the company’s stock worth $459,000 after buying an additional 21,331 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Larimar Therapeutics by 80.6% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock valued at $4,648,000 after buying an additional 525,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Larimar Therapeutics in the first quarter worth about $4,829,000. 91.92% of the stock is currently 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.