Larimar Therapeutics (NASDAQ:LRMR) Stock Price Up 8.2% After Analyst Upgrade

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares rose 8.2% during trading on Friday after Wedbush raised their price target on the stock from $12.00 to $13.00. Wedbush currently has an outperform rating on the stock. Larimar Therapeutics traded as high as $4.83 and last traded at $4.8350. 1,065,757 shares traded hands during trading, a decline of 76% from the average daily volume of 4,496,090 shares. The stock had previously closed at $4.47.

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

Insider Transactions at Larimar Therapeutics

In other news, Director James E. Flynn bought 5,000,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was bought at an average price of $5.00 per share, with a total value of $25,000,000.00. Following the acquisition, the director owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. This represents a 88.92% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new stake in shares of Larimar Therapeutics during the 1st quarter worth approximately $241,000. Acadian Asset Management LLC bought a new position in Larimar Therapeutics in the 1st quarter valued at $113,000. Rhumbline Advisers increased its stake in Larimar Therapeutics by 15.7% in the first quarter. Rhumbline Advisers now owns 65,018 shares of the company’s stock worth $140,000 after purchasing an additional 8,818 shares during the period. Savant Capital LLC bought a new stake in shares of Larimar Therapeutics during the second quarter worth $39,000. Finally, American Century Companies Inc. lifted its position in shares of Larimar Therapeutics by 7.8% during the second quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after purchasing an additional 5,001 shares during the last quarter. Institutional investors own 91.92% of the company’s stock.

Larimar Therapeutics Stock Up 8.4%

The stock’s 50 day moving average price is $3.93 and its 200-day moving average price is $3.91. The stock has a market capitalization of $502.00 million, a PE ratio of -2.55 and a beta of 0.91.

Larimar Therapeutics (NASDAQ:LRMR) last announced its quarterly earnings data on Monday, March 23rd. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.30). As a group, sell-side analysts predict that Larimar Therapeutics, Inc. will post -1.15 earnings per share 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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.