Wedbush Cuts Larimar Therapeutics (NASDAQ:LRMR) Price Target to $11.00

Larimar Therapeutics (NASDAQ:LRMR) had its target price trimmed by Wedbush from $12.00 to $11.00 in a report issued on Wednesday morning, MarketBeat.com reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also recently issued reports on LRMR. HC Wainwright initiated coverage on shares of Larimar Therapeutics in a research note on Thursday, July 2nd. They set a “buy” rating and a $10.00 target price on the stock. JPMorgan Chase & Co. began coverage on Larimar Therapeutics in a research report on Wednesday, May 27th. They set an “overweight” rating and a $9.00 price objective for the company. Robert W. Baird cut their price target on shares of Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 30th. Citigroup reiterated a “buy” rating on shares of Larimar Therapeutics in a research note on Tuesday, June 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Friday, July 17th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $12.57.

Larimar Therapeutics Price Performance

NASDAQ LRMR opened at $4.16 on Wednesday. Larimar Therapeutics has a 1 year low of $2.71 and a 1 year high of $6.42. The company has a market cap of $432.14 million, a price-to-earnings ratio of -2.13 and a beta of 0.81. The stock’s fifty day moving average price is $3.64 and its 200 day moving average price is $3.98.

Larimar Therapeutics (NASDAQ:LRMR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.08. Research analysts expect that Larimar Therapeutics will post -1.55 earnings per share for the current year.

Insider Activity

In related news, Director Thomas Edward Hamilton bought 50,000 shares of the stock in a transaction on Monday, July 6th. The shares were purchased at an average price of $3.34 per share, for a total transaction of $167,000.00. Following the acquisition, the director owned 714,798 shares in the company, valued at $2,387,425.32. This represents a 7.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.00% of the stock is owned by corporate insiders.

Institutional Trading of Larimar Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pallas Capital Advisors LLC acquired a new position in shares of Larimar Therapeutics during the second quarter worth about $31,000. 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 valued at $33,000 after purchasing an additional 4,376 shares in the last quarter. Coldstream Capital Management Inc. acquired a new stake in Larimar Therapeutics during the 3rd quarter valued at approximately $57,000. SG Americas Securities LLC acquired a new position in Larimar Therapeutics during the 4th quarter worth $60,000. Finally, Walleye Trading LLC bought a new position in shares of Larimar Therapeutics during the second quarter worth about $61,000. Institutional investors and hedge funds 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.