Larimar Therapeutics (NASDAQ:LRMR) Stock Bumped Down to Strong Sell by Wall Street Zen

Wall Street Zen cut shares of Larimar Therapeutics (NASDAQ:LRMR) from a sell rating to a strong sell rating in a report published on Saturday morning,Wall Street Zen reports.

Other analysts have also issued research reports about the stock. Wedbush reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Thursday, October 15th. Finally, Leerink Partners initiated coverage on shares of Larimar Therapeutics in a report on Monday, September 14th. They issued an “outperform” rating and a $13.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $10.33.

Larimar Therapeutics Trading Up 11.9%

NASDAQ LRMR traded up $0.32 on Friday, hitting $3.02. 2,531,459 shares of the stock traded hands, compared to its average volume of 1,257,255. The stock has a 50-day moving average of $2.93 and a 200 day moving average of $3.76. Larimar Therapeutics has a twelve month low of $1.91 and a twelve month high of $6.42. The company has a market capitalization of $313.72 million, a P/E ratio of -1.55 and a beta of 0.73.

Insider Activity

In other news, Director Thomas Hamilton bought 70,000 shares of the firm’s stock in a transaction on Thursday, November 12th. The stock was purchased at an average price of $2.67 per share, for a total transaction of $186,900.00. Following the transaction, the director owned 70,000 shares in the company, valued at approximately $186,900. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, COO John B. Jr. Harlow purchased 17,800 shares of the company’s stock in a transaction on Wednesday, November 11th. The stock was purchased at an average price of $2.80 per share, for a total transaction of $49,840.00. Following the purchase, the chief operating officer directly owned 67,800 shares of the company’s stock, valued at $189,840. This trade represents a 35.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 140,810 shares of company stock valued at $381,955. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sei Investments Co. lifted its position in shares of Larimar Therapeutics by 54.5% during the 1st quarter. Sei Investments Co. now owns 16,336 shares of the company’s stock valued at $74,000 after acquiring an additional 5,763 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Larimar Therapeutics by 17.0% during the 1st quarter. Bank of America Corp DE now owns 47,359 shares of the company’s stock worth $213,000 after acquiring an additional 6,886 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Larimar Therapeutics in the 2nd quarter worth $27,000. Pallas Capital Advisors LLC acquired a new position in shares of Larimar Therapeutics in the 2nd quarter worth $31,000. Finally, HB Wealth Management LLC acquired a new position in shares of Larimar Therapeutics in the 2nd quarter worth $49,000. 91.92% of the stock is currently owned by institutional investors and hedge funds.

More Larimar Therapeutics News

These are some of the LRMR news items that stood out recently:

• Positive Sentiment: CEO Carole Ben-Maimon, CFO Michael Celano, COO John B. Jr. Harlow, insider Gopi Shankar, and directors Frank Thomas and Joseph Truitt together purchased 52,810 shares for roughly $195,000. Director Thomas Hamilton separately bought 70,000 shares for $186,900. Insider purchase report Hamilton SEC filing
• Neutral Sentiment: The supplied coverage also notes H.C. Wainwright maintained a Buy rating; no rating change or fresh price-moving catalyst was reported. Analyst rating report

Larimar Therapeutics Company Profile

Larimar Therapeutics, Inc. is a clinical-stage biotechnology company headquartered in Bala Cynwyd, Pennsylvania, focused on developing treatments for rare diseases. Its lead drug candidate is nomlabofusp, formerly known as CTI-1601, an engineered fusion protein designed to deliver frataxin to mitochondria. Nomlabofusp is being developed to treat Friedreich’s ataxia, a rare, inherited neurodegenerative disorder associated with insufficient frataxin. Larimar’s approach uses a cell-penetrating peptide to transport frataxin into cells and mitochondria, with the goal of addressing an underlying cause of the disease rather than only treating its symptoms.