Larimar Therapeutics, Inc. (NASDAQ:LRMR) Stock Has Average Target Price of $10.33 According to Brokerages

Key Points

• Analyst sentiment is broadly positive: Nine firms give Larimar an average “Buy” rating, and the average one-year price target is $10.33. Six analysts rate it Buy, two Strong Buy, and one Sell.
• Company insiders have been buying shares: Insiders acquired 140,810 shares worth about $382,000 over the past 90 days; institutional investors own roughly 91.9% of the stock.
• LRMR opened at $3.02, with a 52-week range of $1.91 to $6.42. Larimar is a clinical-stage biotech developing nomlabofusp for Friedreich’s ataxia.

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) have earned an average rating of "Buy" from the nine ratings firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $10.33.

A number of equities research analysts have issued reports on LRMR shares. Leerink Partners assumed coverage on Larimar Therapeutics in a research report on Monday, September 14th. They set an "outperform" rating and a $13.00 target price for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Larimar Therapeutics in a research report on Thursday, October 15th. Wedbush restated an "outperform" rating on shares of Larimar Therapeutics in a research note on Tuesday. Finally, Wall Street Zen cut shares of Larimar Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Saturday.

Insider Activity

In other news, Director Thomas Hamilton bought 70,000 shares of the company's stock in a transaction that occurred on Thursday, November 12th. The shares were purchased at an average price of $2.67 per share, for a total transaction of $186,900.00. Following the acquisition, the director directly owned 70,000 shares of the company's stock, valued at $186,900. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO John B. Jr. Harlow bought 17,800 shares of the business's stock in a transaction on Wednesday, November 11th. The shares were purchased at an average cost of $2.80 per share, with a total value of $49,840.00. Following the transaction, the chief operating officer owned 67,800 shares in the company, valued at approximately $189,840. The trade was a 35.60% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 140,810 shares of company stock valued at $381,955. 4.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Larimar Therapeutics

A number of institutional investors have recently made changes to their positions in the business. Sei Investments Co. raised its stake in shares of Larimar Therapeutics by 54.5% in the 1st quarter. Sei Investments Co. now owns 16,336 shares of the company's stock valued at $74,000 after buying an additional 5,763 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Larimar Therapeutics by 17.0% during the 1st quarter. Bank of America Corp DE now owns 47,359 shares of the company's stock worth $213,000 after acquiring an additional 6,886 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at about $27,000. Pallas Capital Advisors LLC acquired a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at about $31,000. Finally, HB Wealth Management LLC acquired a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at about $49,000. 91.92% of the stock is currently owned by institutional investors.

Larimar Therapeutics News Summary

Investors following LRMR have been watching these news items:

• 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 Stock Performance

Shares of NASDAQ LRMR opened at $3.02 on Friday. The firm has a market cap of $313.72 million, a price-to-earnings ratio of -1.55 and a beta of 0.73. The business's 50-day simple moving average is $2.93 and its 200-day simple moving average is $3.76. Larimar Therapeutics has a 52 week low of $1.91 and a 52 week high of $6.42.

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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