Insider Buying: Larimar Therapeutics (NASDAQ:LRMR) CEO Purchases 18,050 Shares of Stock

Larimar Therapeutics, Inc. (NASDAQ:LRMR) CEO Carole Ben-Maimon acquired 18,050 shares of the firm’s stock in a transaction on Wednesday, November 11th. The shares were bought at an average cost of $2.77 per share, with a total value of $49,998.50. Following the completion of the transaction, the chief executive officer directly owned 386,326 shares in the company, valued at $1,070,123.02. This trade represents a 4.90% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Larimar Therapeutics Price Performance

Shares of LRMR stock traded down $0.03 during midday trading on Thursday, hitting $2.70. The company had a trading volume of 1,190,176 shares, compared to its average volume of 2,378,292. Larimar Therapeutics, Inc. has a 52-week low of $1.91 and a 52-week high of $6.42. The company’s 50 day simple moving average is $2.97 and its 200 day simple moving average is $3.77. The stock has a market cap of $280.48 million, a price-to-earnings ratio of -1.38 and a beta of 0.73.

Analyst Ratings Changes

LRMR has been the topic of a number of analyst reports. Wedbush reiterated an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, October 15th. Finally, Leerink Partners began coverage on shares of Larimar Therapeutics in a research note on Monday, September 14th. They set an “outperform” rating and a $13.00 price target on the stock. Two equities research 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 company. According to data from MarketBeat, Larimar Therapeutics presently has an average rating of “Buy” and a consensus price target of $10.33.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in LRMR. Hennion & Walsh Asset Management Inc. acquired a new position in Larimar Therapeutics during the second quarter worth $1,210,000. BlackRock Inc. purchased a new position in Larimar Therapeutics in the second quarter worth $17,318,000. Dimensional Fund Advisors LP lifted its holdings in Larimar Therapeutics by 143.8% in the first quarter. Dimensional Fund Advisors LP now owns 798,462 shares of the company’s stock valued at $3,592,000 after acquiring an additional 470,968 shares during the period. Renaissance Technologies LLC lifted its holdings in Larimar Therapeutics by 148.9% in the first quarter. Renaissance Technologies LLC now owns 739,942 shares of the company’s stock valued at $3,330,000 after acquiring an additional 442,676 shares during the period. Finally, SummitTX Capital L.P. acquired a new stake in Larimar Therapeutics in the first quarter valued at $1,709,000. Institutional investors and hedge funds own 91.92% of the company’s stock.

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.