Larimar Therapeutics, Inc. (NASDAQ:LRMR) Receives $18.50 Average Price Target from Brokerages

Larimar Therapeutics, Inc. (NASDAQ:LRMR) has been given an average rating of “Buy” by the six brokerages that are currently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $18.50.

Several equities analysts have recently issued reports on LRMR shares. SVB Leerink began coverage on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. They set an “outperform” rating and a $25.00 price target for the company. Lifesci Capital restated an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday, February 20th. Leerink Partnrs restated an “outperform” rating on shares of Larimar Therapeutics in a research report on Wednesday, April 3rd. JMP Securities restated a “market outperform” rating and issued a $25.00 target price on shares of Larimar Therapeutics in a report on Friday, March 15th. Finally, Citigroup boosted their price objective on Larimar Therapeutics from $4.50 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th.

Insider Activity at Larimar Therapeutics

In other news, Director James E. Flynn purchased 4,290,617 shares of the business’s stock in a transaction on Friday, February 16th. The shares were acquired at an average price of $8.74 per share, for a total transaction of $37,499,992.58. Following the completion of the acquisition, the director now owns 6,151,406 shares in the company, valued at $53,763,288.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

Larimar Therapeutics Stock Up 6.7 %

Shares of LRMR stock opened at $7.35 on Monday. Larimar Therapeutics has a twelve month low of $2.18 and a twelve month high of $13.68. The stock’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $5.95. The firm has a market capitalization of $468.93 million, a P/E ratio of -8.65 and a beta of 0.93.

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

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.