Larimar Therapeutics (NASDAQ:LRMR) Stock: Insider Michael Celano Acquires 18,460 Shares

Larimar Therapeutics, Inc. (NASDAQ:LRMR) CFO Michael Celano purchased 18,460 shares of the stock in a transaction dated Wednesday, November 11th. The shares were purchased at an average cost of $2.71 per share, for a total transaction of $50,026.60. Following the completion of the acquisition, the chief financial officer directly owned 234,245 shares in the company, valued at approximately $634,803.95. This trade represents a 8.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Larimar Therapeutics Stock Performance

Shares of LRMR stock traded down $0.03 on Thursday, reaching $2.70. The stock had a trading volume of 1,190,176 shares, compared to its average volume of 2,378,292. Larimar Therapeutics, Inc. has a 1 year low of $1.91 and a 1 year high of $6.42. The stock has a market cap of $280.48 million, a P/E ratio of -1.38 and a beta of 0.73. The company has a 50 day simple moving average of $2.97 and a 200 day simple moving average of $3.77.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new position in Larimar Therapeutics in the 2nd quarter worth $27,000. Pallas Capital Advisors LLC bought a new stake in Larimar Therapeutics during the second quarter valued at about $31,000. HB Wealth Management LLC bought a new stake in Larimar Therapeutics during the second quarter valued at about $49,000. The Manufacturers Life Insurance Company bought a new stake in Larimar Therapeutics during the second quarter valued at about $60,000. Finally, Walleye Trading LLC purchased a new position in shares of Larimar Therapeutics in the second quarter valued at about $61,000. Institutional investors own 91.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on LRMR shares. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, October 15th. Wedbush reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday. Finally, Leerink Partners began coverage on shares of Larimar Therapeutics in a report on Monday, September 14th. They issued an “outperform” rating and a $13.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $10.33.

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.