Larimar Therapeutics, Inc. (NASDAQ:LRMR) Stock Has Average Price Target of $11.86 According to Brokerages

Key Points

• Analyst consensus is bullish: Ten analysts give Larimar Therapeutics an average “Buy” rating, with a 12-month average price target of $11.86 versus the stock’s recent $3.32 price.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 91.92% of the company, while director Thomas Hamilton recently bought 50,000 shares at $3.34 each.
• Larimar remains a loss-making clinical-stage biotech: The company reported a quarterly loss of $0.30 per share, though it beat estimates, and is developing nomlabofusp, an investigational treatment for Friedreich ataxia.

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) have received an average recommendation of "Buy" from the ten analysts that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $11.86.

A number of analysts recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Larimar Therapeutics in a report on Friday, July 17th. Wedbush decreased their price target on Larimar Therapeutics from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 5th. Leerink Partners initiated coverage on shares of Larimar Therapeutics in a report on Monday, September 14th. They issued an "outperform" rating and a $13.00 price target on the stock. Robert W. Baird cut their price objective on shares of Larimar Therapeutics from $7.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, June 30th. Finally, HC Wainwright initiated coverage on shares of Larimar Therapeutics in a research note on Thursday, July 2nd. They set a "buy" rating and a $10.00 price objective for the company.

Insider Transactions at Larimar Therapeutics

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Larimar Therapeutics in the second quarter worth $17,318,000. AIGH Capital Management LLC grew its position in Larimar Therapeutics by 50.0% during the first quarter. AIGH Capital Management LLC now owns 3,000,000 shares of the company's stock worth $13,500,000 after buying an additional 1,000,000 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Larimar Therapeutics by 143.8% during the first quarter. Dimensional Fund Advisors LP now owns 798,462 shares of the company's stock worth $3,592,000 after buying an additional 470,968 shares in the last quarter. Renaissance Technologies LLC increased its stake in Larimar Therapeutics by 148.9% in the 1st quarter. Renaissance Technologies LLC now owns 739,942 shares of the company's stock worth $3,330,000 after acquiring an additional 442,676 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new position in Larimar Therapeutics in the 2nd quarter worth about $1,210,000. 91.92% of the stock is currently owned by hedge funds and other institutional investors.

Larimar Therapeutics Price Performance

NASDAQ:LRMR opened at $3.32 on Friday. The company has a market cap of $344.88 million, a P/E ratio of -1.70 and a beta of 0.74. The stock's fifty day moving average price is $3.97 and its two-hundred day moving average price is $4.03. Larimar Therapeutics has a 1 year low of $2.71 and a 1 year high of $6.42.

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

About Larimar Therapeutics

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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