Larimar Therapeutics, Inc. (NASDAQ:LRMR) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• Analysts maintain a “Buy” consensus on Larimar Therapeutics, with six buy, three strong-buy, and one sell rating among ten firms. The average 12-month price target is $11.67.
• LRMR shares opened at $4.01, within a 12-month range of $2.71 to $6.42, while the company reported a quarterly loss of $0.30 per share—better than the expected $0.38 loss.
• A company director purchased 50,000 shares worth $167,000, and institutional investors hold approximately 91.92% of Larimar’s outstanding stock.

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) have earned a consensus recommendation of "Buy" from the ten research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $11.6667.

LRMR has been the topic of a number of recent analyst reports. HC Wainwright assumed coverage on shares of Larimar Therapeutics in a report on Thursday, July 2nd. They set a "buy" rating and a $10.00 price target on the stock. Wall Street Zen raised shares of Larimar Therapeutics from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Citigroup reiterated a "buy" rating on shares of Larimar Therapeutics in a research report on Tuesday, June 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Larimar Therapeutics in a research report on Friday, July 17th. Finally, Wedbush cut their price target on Larimar Therapeutics from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Wednesday, August 5th.

Larimar Therapeutics Stock Performance

Shares of Larimar Therapeutics stock opened at $4.01 on Monday. Larimar Therapeutics has a 12-month low of $2.71 and a 12-month high of $6.42. The firm has a market capitalization of $416.56 million, a price-to-earnings ratio of -2.06 and a beta of 0.81. The firm's 50 day simple moving average is $3.87 and its two-hundred day simple moving average is $4.07.

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

Insider Buying and Selling

In other Larimar Therapeutics news, Director Thomas Edward 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, with a total value of $167,000.00. Following the completion of the acquisition, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. This trade represents a 7.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.00% of the company's stock.

Institutional Investors Weigh In On Larimar Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LP purchased a new stake in Larimar Therapeutics in the 2nd quarter worth $69,000. HB Wealth Management LLC purchased a new position in Larimar Therapeutics during the second quarter valued at $49,000. Pale Fire Capital SE purchased a new position in Larimar Therapeutics during the second quarter valued at $131,000. Seven Fleet Capital Management LP acquired a new stake in shares of Larimar Therapeutics in the second quarter valued at about $704,309. Finally, Bank of America Corp DE acquired a new stake in shares of Larimar Therapeutics in the second quarter valued at about $145,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source