Larimar Therapeutics (NASDAQ:LRMR) Given New $13.00 Price Target at Wedbush

Larimar Therapeutics (NASDAQ:LRMR) had its price target raised by equities researchers at Wedbush from $12.00 to $13.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective suggests a potential upside of 190.83% from the company’s current price.

A number of other analysts have also issued reports on the stock. Leerink Partners upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, January 22nd. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Citigroup lifted their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Larimar Therapeutics has an average rating of “Buy” and a consensus price target of $16.43.

Larimar Therapeutics Stock Up 4.0%

LRMR opened at $4.47 on Friday. The firm has a market cap of $463.05 million, a P/E ratio of -2.32 and a beta of 0.91. The business’s fifty day simple moving average is $3.93 and its 200 day simple moving average is $3.91. Larimar Therapeutics has a 52 week low of $1.61 and a 52 week high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last announced its earnings results on Monday, March 23rd. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.30). As a group, equities analysts expect that Larimar Therapeutics will post -1.15 EPS for the current fiscal year.

Insider Activity at Larimar Therapeutics

In other news, Director James E. Flynn acquired 5,000,000 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was acquired at an average cost of $5.00 per share, for a total transaction of $25,000,000.00. Following the acquisition, the director directly owned 10,622,957 shares in the company, valued at approximately $53,114,785. This represents a 88.92% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 4.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Larimar Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. AIGH Capital Management LLC purchased a new stake in shares of Larimar Therapeutics during the 3rd quarter valued at about $3,230,000. Blue Owl Capital Holdings LP boosted its holdings in Larimar Therapeutics by 18.8% in the 3rd quarter. Blue Owl Capital Holdings LP now owns 5,853,040 shares of the company’s stock worth $18,905,000 after acquiring an additional 925,000 shares during the period. Cantor Fitzgerald L. P. purchased a new position in Larimar Therapeutics in the 3rd quarter worth approximately $412,000. XTX Topco Ltd acquired a new stake in Larimar Therapeutics in the second quarter valued at approximately $484,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Larimar Therapeutics by 70.6% during the second quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 307,198 shares of the company’s stock valued at $888,000 after purchasing an additional 127,171 shares during the period. Hedge funds and other institutional investors own 91.92% of the company’s stock.

Larimar Therapeutics Company Profile

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.