Larimar Therapeutics (NASDAQ:LRMR) Now Covered by JPMorgan Chase & Co.

Investment analysts at JPMorgan Chase & Co. assumed coverage on shares of Larimar Therapeutics (NASDAQ:LRMR) in a report released on Wednesday, Marketbeat reports. The brokerage set an “overweight” rating and a $9.00 price target on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 149.65% from the company’s current price.

Several other research firms also recently weighed in on LRMR. Truist Financial upgraded Larimar Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Wedbush cut their target price on shares of Larimar Therapeutics from $13.00 to $12.00 and set an “outperform” rating for the company in a research report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Tuesday, April 21st. Wall Street Zen raised shares of Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Lifesci Capital upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 24th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Larimar Therapeutics presently has an average rating of “Buy” and a consensus target price of $15.29.

Larimar Therapeutics Stock Up 3.9%

NASDAQ LRMR traded up $0.14 during trading hours on Wednesday, reaching $3.61. 297,383 shares of the company were exchanged, compared to its average volume of 3,186,032. The stock has a market capitalization of $374.50 million, a P/E ratio of -1.75 and a beta of 0.91. Larimar Therapeutics has a 1 year low of $1.80 and a 1 year high of $6.42. The business’s 50 day simple moving average is $4.36 and its 200-day simple moving average is $3.97.

Larimar Therapeutics (NASDAQ:LRMR) last released its earnings results on Thursday, May 14th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.22. As a group, sell-side analysts anticipate that Larimar Therapeutics will post -1.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James E. Flynn purchased 5,000,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were purchased at an average cost of $5.00 per share, for a total transaction of $25,000,000.00. Following the completion of the transaction, 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 4.50% of the stock is owned by insiders.

Institutional Trading of Larimar Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Deerfield Management Company L.P. boosted its holdings in Larimar Therapeutics by 44.2% in the 3rd quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company’s stock valued at $98,861,000 after purchasing an additional 9,375,000 shares during the period. Opaleye Management Inc. increased its holdings in shares of Larimar Therapeutics by 114.7% in the second quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company’s stock worth $11,878,000 after purchasing an additional 2,195,923 shares during the period. Woodline Partners LP increased its holdings in shares of Larimar Therapeutics by 160.6% in the third quarter. Woodline Partners LP now owns 1,622,850 shares of the company’s stock worth $5,242,000 after purchasing an additional 1,000,168 shares during the period. AIGH Capital Management LLC raised its position in shares of Larimar Therapeutics by 100.0% in the fourth quarter. AIGH Capital Management LLC now owns 2,000,000 shares of the company’s stock worth $7,620,000 after buying an additional 1,000,000 shares in the last quarter. Finally, Blue Owl Capital Holdings LP raised its position in shares of Larimar Therapeutics by 16.6% in the fourth quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company’s stock worth $25,998,000 after buying an additional 970,650 shares in the last quarter. 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.