ADAR1 Capital Management LLC Makes New Investment in Larimar Therapeutics, Inc. $LRMR

Key Points

• ADAR1 Capital Management initiated a position in Larimar Therapeutics, purchasing 272,745 shares worth approximately $832,000, while institutional investors collectively own 91.92% of the company.
• Analyst sentiment is broadly positive: Larimar has a consensus “Buy” rating and an average price target of $11.67, despite one sell rating.
• Larimar reported a quarterly loss of $0.30 per share, beating the expected $0.38 loss. The clinical-stage biotech is developing CTI-1601, a Phase 2 treatment candidate for Friedreich’s ataxia.

ADAR1 Capital Management LLC acquired a new position in Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 272,745 shares of the company's stock, valued at approximately $832,000. ADAR1 Capital Management LLC owned about 0.26% of Larimar Therapeutics as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Deerfield Management Company L.P. boosted its holdings in shares of Larimar Therapeutics by 44.2% in the third quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company's stock worth $98,861,000 after acquiring an additional 9,375,000 shares during the period. BlackRock Inc. purchased a new position in shares of Larimar Therapeutics during the second quarter worth about $17,318,000. Opaleye Management Inc. increased its holdings in shares of Larimar Therapeutics by 114.7% in the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company's stock worth $11,878,000 after buying an additional 2,195,923 shares during the last quarter. Woodline Partners LP grew its position in Larimar Therapeutics by 160.6% in the third quarter. Woodline Partners LP now owns 1,622,850 shares of the company's stock worth $5,242,000 after acquiring an additional 1,000,168 shares in the last quarter. Finally, AIGH Capital Management LLC grew its position in Larimar Therapeutics by 50.0% in the first quarter. AIGH Capital Management LLC now owns 3,000,000 shares of the company's stock worth $13,500,000 after acquiring an additional 1,000,000 shares in the last quarter. Institutional investors own 91.92% of the company's stock.

Wall Street Analysts Forecast Growth

LRMR has been the topic of several recent research reports. 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 on the stock. Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Larimar Therapeutics in a research report on Friday, July 17th. Wedbush decreased their price target on shares of Larimar Therapeutics from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 5th. Finally, Wall Street Zen upgraded shares of Larimar Therapeutics from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $11.67.

Insider Activity at Larimar Therapeutics

In other news, Director Thomas Edward Hamilton acquired 50,000 shares of the stock in a transaction dated Monday, July 6th. The stock was purchased at an average cost of $3.34 per share, with a total value of $167,000.00. Following the completion of the purchase, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. The trade was a 7.52% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.00% of the company's stock.

Larimar Therapeutics Price Performance

LRMR opened at $4.16 on Wednesday. The stock's 50 day simple moving average is $3.84 and its 200 day simple moving average is $4.05. Larimar Therapeutics, Inc. has a 1 year low of $2.71 and a 1 year high of $6.42. The firm has a market cap of $432.14 million, a price-to-earnings ratio of -2.13 and a beta of 0.81.

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 the consensus estimate of ($0.38) by $0.08. As a group, sell-side analysts anticipate that Larimar Therapeutics, Inc. will post -1.5 EPS for the current year.

Larimar Therapeutics 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.

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