Larimar Therapeutics (NASDAQ:LRMR) Coverage Initiated at Leerink Partners

Key Points

• Leerink Partners initiated coverage of Larimar Therapeutics with an “outperform” rating and a $13 price target, implying approximately 233% upside from the stock’s prior close.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and average price target of $11.86, despite one “sell” rating.
• LRMR shares edged down 0.4% to $3.90, while the company’s latest quarterly loss of $0.30 per share was better than analysts’ expected loss of $0.38.

Equities researchers at Leerink Partners initiated coverage on shares of Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) in a note issued to investors on Monday. The firm set an "outperform" rating and a $13.00 price target on the stock. Leerink Partners' price objective indicates a potential upside of 232.91% from the stock's previous close.

Other research analysts have also issued research reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of Larimar Therapeutics in a report on Friday, July 17th. Robert W. Baird decreased their target price on shares of Larimar Therapeutics from $7.00 to $5.00 and set an "outperform" rating on the stock in a report on Tuesday, June 30th. Wedbush cut their price target on shares of Larimar Therapeutics from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Wednesday, August 5th. JPMorgan Chase & Co. initiated coverage on Larimar Therapeutics in a research report on Wednesday, May 27th. They set an "overweight" rating and a $9.00 price objective for the company. Finally, Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Larimar Therapeutics has a consensus rating of "Buy" and an average target price of $11.86.

Larimar Therapeutics Trading Down 0.4%

Shares of LRMR stock traded down $0.01 during trading hours on Monday, hitting $3.90. The company's stock had a trading volume of 399,868 shares, compared to its average volume of 2,593,312. The stock has a market cap of $405.65 million, a PE ratio of -2.02 and a beta of 0.74. The company has a 50 day moving average of $3.96 and a 200 day moving average of $4.12. Larimar Therapeutics has a 12-month low of $2.71 and a 12-month high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.38) by $0.08. As a group, analysts anticipate that Larimar Therapeutics will post -1.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Larimar Therapeutics news, Director Thomas Hamilton acquired 50,000 shares of the company's stock in a transaction on Monday, July 6th. The shares were bought at an average cost of $3.34 per share, for a total transaction of $167,000.00. Following the completion of the purchase, the director owned 714,798 shares in the company, valued at $2,387,425.32. This trade represents a 7.52% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors have recently added to or reduced their stakes in LRMR. Integrated Wealth Concepts LLC purchased a new stake in Larimar Therapeutics during the 2nd quarter valued at approximately $27,000. Pallas Capital Advisors LLC purchased a new position in Larimar Therapeutics during the 2nd quarter worth $31,000. BNP Paribas Financial Markets boosted its holdings in shares of Larimar Therapeutics by 75.8% in the third quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company's stock valued at $33,000 after acquiring an additional 4,376 shares in the last quarter. HB Wealth Management LLC acquired a new position in shares of Larimar Therapeutics during the second quarter worth about $49,000. Finally, Coldstream Capital Management Inc. acquired a new stake in Larimar Therapeutics in the third quarter valued at about $57,000. Institutional investors and hedge funds own 91.92% of the company's stock.

Larimar Therapeutics Company Profile

Larimar Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for rare diseases caused by deficiencies in mitochondrial proteins. The company's platform is designed to use cell-penetrating peptides to transport therapeutic proteins into cells and mitochondria, where they may help restore impaired biological functions.

Larimar's lead product candidate is nomlabofusp, formerly known as CTI-1601, an investigational protein-replacement therapy for Friedreich ataxia.

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