Larimar Therapeutics (NASDAQ:LRMR) Stock Rating Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Larimar Therapeutics to “Strong Sell” from “Sell.” Despite that move, MarketBeat reports the broader analyst consensus is “Buy,” with an average price target of $10.33.
• Larimar shares opened at $3.02, within a 52-week range of $1.91 to $6.42. The stock’s 50-day and 200-day moving averages were $2.93 and $3.76, respectively.
• Company insiders have been buying shares: the CEO and CFO each made purchases of about $50,000, and insiders bought 140,810 shares worth roughly $382,000 over the past three months.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) was downgraded by analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on LRMR. Weiss Ratings reiterated a "sell (d-)" rating on shares of Larimar Therapeutics in a report on Thursday, October 15th. Wedbush reissued an "outperform" rating on shares of Larimar Therapeutics in a research note on Tuesday. Finally, Leerink Partners started coverage on Larimar Therapeutics in a report on Monday, September 14th. They set an "outperform" rating and a $13.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $10.33.

Larimar Therapeutics Price Performance

Shares of NASDAQ LRMR opened at $3.02 on Friday. Larimar Therapeutics has a 1 year low of $1.91 and a 1 year high of $6.42. The firm has a 50-day simple moving average of $2.93 and a two-hundred day simple moving average of $3.76. The company has a market cap of $313.72 million, a P/E ratio of -1.55 and a beta of 0.73.

Insider Activity at Larimar Therapeutics

In related news, CEO Carole Ben-Maimon purchased 18,050 shares of Larimar Therapeutics stock in a transaction that occurred on Wednesday, November 11th. The shares were bought at an average price of $2.77 per share, with a total value of $49,998.50. Following the purchase, the chief executive officer directly owned 386,326 shares of the company's stock, valued at approximately $1,070,123.02. This represents a 4.90% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Celano purchased 18,460 shares of Larimar Therapeutics stock in a transaction that occurred on Wednesday, November 11th. The stock was bought at an average cost of $2.71 per share, for a total transaction of $50,026.60. Following the purchase, the chief financial officer directly owned 234,245 shares in the company, valued at $634,803.95. This trade represents a 8.55% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 140,810 shares of company stock valued at $381,955. Company insiders own 4.00% of the company's stock.

Hedge Funds Weigh In On Larimar Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP increased its position in shares of Larimar Therapeutics by 9.1% during the third quarter. Marshall Wace LLP now owns 2,195,954 shares of the company's stock worth $7,005,000 after acquiring an additional 183,496 shares during the period. Empowered Funds LLC bought a new stake in shares of Larimar Therapeutics during the third quarter valued at approximately $268,000. Blue Owl Capital Holdings LP raised its stake in shares of Larimar Therapeutics by 0.3% during the third quarter. Blue Owl Capital Holdings LP now owns 9,923,904 shares of the company's stock valued at $31,707,000 after acquiring an additional 32,147 shares in the last quarter. AIGH Capital Management LLC purchased a new stake in shares of Larimar Therapeutics in the third quarter valued at approximately $5,911,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Larimar Therapeutics in the second quarter valued at approximately $160,000. 91.92% of the stock is currently owned by institutional investors.

More Larimar Therapeutics News

These are some of the LRMR news items that stood out recently:

• Positive Sentiment: CEO Carole Ben-Maimon, CFO Michael Celano, COO John B. Jr. Harlow, insider Gopi Shankar, and directors Frank Thomas and Joseph Truitt together purchased 52,810 shares for roughly $195,000. Director Thomas Hamilton separately bought 70,000 shares for $186,900. Insider purchase report Hamilton SEC filing
• Neutral Sentiment: The supplied coverage also notes H.C. Wainwright maintained a Buy rating; no rating change or fresh price-moving catalyst was reported. Analyst rating report

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.

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