Larimar Therapeutics (NASDAQ:LRMR) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Larimar Therapeutics (NASDAQ:LRMR) announced its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.09, FiscalAI reports.

Larimar Therapeutics Stock Down 2.4%

NASDAQ LRMR traded down $0.10 on Tuesday, hitting $3.88. The company’s stock had a trading volume of 252,234 shares, compared to its average volume of 2,891,508. Larimar Therapeutics has a 1-year low of $2.71 and a 1-year high of $6.42. The company’s 50-day moving average is $3.59 and its 200 day moving average is $3.96. The firm has a market cap of $403.57 million, a PE ratio of -1.90 and a beta of 0.81.

Insider Activity at Larimar Therapeutics

In other Larimar Therapeutics news, Director Thomas Edward Hamilton acquired 50,000 shares of Larimar Therapeutics stock in a transaction that occurred on Monday, July 6th. The shares were bought at an average price of $3.34 per share, with a total value of $167,000.00. Following the completion of the purchase, the director directly owned 714,798 shares in the company, valued at $2,387,425.32. This trade represents a 7.52% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AIGH Capital Management LLC increased its stake in shares of Larimar Therapeutics by 100.0% in the fourth quarter. AIGH Capital Management LLC now owns 2,000,000 shares of the company’s stock valued at $7,620,000 after buying an additional 1,000,000 shares during the period. SummitTX Capital L.P. acquired a new position in shares of Larimar Therapeutics in the first quarter worth approximately $1,709,000. Blue Owl Capital Holdings LP lifted its stake 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 acquiring an additional 970,650 shares during the period. Seven Fleet Capital Management LP bought a new stake in Larimar Therapeutics in the first quarter valued at approximately $1,155,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Larimar Therapeutics during the 2nd quarter valued at approximately $1,210,000. 91.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on LRMR shares. Robert W. Baird cut their price target on shares of Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. HC Wainwright assumed coverage on Larimar Therapeutics in a research note on Thursday, July 2nd. They set a “buy” rating and a $10.00 target price for the company. JPMorgan Chase & Co. began coverage on Larimar Therapeutics in a research note on Wednesday, May 27th. They issued an “overweight” rating and a $9.00 price target on the stock. Wedbush dropped their price objective on Larimar Therapeutics from $13.00 to $12.00 and set an “outperform” rating for the company in a research report on Monday, May 18th. Finally, Citigroup reiterated a “buy” rating on shares of Larimar Therapeutics in a research report on Tuesday, June 30th. Three investment 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. According to MarketBeat.com, Larimar Therapeutics has an average rating of “Buy” and an average target price of $12.71.

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.