Altium Capital Management LLC Has $587,000 Holdings in Larimar Therapeutics, Inc. (NASDAQ:LRMR)

Key Points

• Altium Capital Management LLC has significantly reduced its stake in Larimar Therapeutics by 69.7%, now holding 273,204 shares after selling 627,796 shares in the first quarter.
• Despite the reduction in ownership by Altium, several hedge funds, including BNP Paribas Financial Markets and Algert Global LLC, have purchased new stakes in Larimar Therapeutics during the previous quarter.
• Wall Street analysts maintain a consensus rating of "Buy" for Larimar Therapeutics, with a target price set around $18.50, despite fluctuations in recent price targets from various firms.

Altium Capital Management LLC decreased its position in shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) by 69.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 273,204 shares of the company's stock after selling 627,796 shares during the period. Larimar Therapeutics accounts for approximately 1.4% of Altium Capital Management LLC's portfolio, making the stock its 14th biggest position. Altium Capital Management LLC owned about 0.43% of Larimar Therapeutics worth $587,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its holdings in Larimar Therapeutics by 32.8% during the fourth quarter. American Century Companies Inc. now owns 56,294 shares of the company's stock valued at $218,000 after buying an additional 13,891 shares in the last quarter. Wellington Management Group LLP raised its holdings in Larimar Therapeutics by 10.3% during the fourth quarter. Wellington Management Group LLP now owns 116,067 shares of the company's stock valued at $449,000 after buying an additional 10,821 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Larimar Therapeutics by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 19,657 shares of the company's stock valued at $76,000 after buying an additional 6,701 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Larimar Therapeutics by 12.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 35,525 shares of the company's stock valued at $137,000 after buying an additional 3,877 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Larimar Therapeutics by 45.1% during the fourth quarter. Renaissance Technologies LLC now owns 513,542 shares of the company's stock valued at $1,987,000 after buying an additional 159,700 shares in the last quarter. Institutional investors and hedge funds own 91.92% of the company's stock.

Larimar Therapeutics Trading Down 5.9%

LRMR stock traded down $0.25 during trading on Friday, reaching $4.01. 1,875,554 shares of the stock were exchanged, compared to its average volume of 1,728,414. Larimar Therapeutics, Inc. has a twelve month low of $1.61 and a twelve month high of $9.50. The company has a market capitalization of $331.95 million, a P/E ratio of -2.57 and a beta of 0.93. The stock has a 50 day simple moving average of $3.29 and a 200-day simple moving average of $2.79.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.41) earnings per share for the quarter, beating analysts' consensus estimates of ($0.47) by $0.06. Equities analysts predict that Larimar Therapeutics, Inc. will post -1.15 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wedbush cut their target price on Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. Guggenheim reiterated a "buy" rating and issued a $26.00 price objective on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. JMP Securities dropped their price objective on Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Friday. Finally, Citigroup reiterated a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Larimar Therapeutics presently has an average rating of "Buy" and a consensus price target of $18.43.

Insiders Place Their Bets

In related news, Director James E. Flynn acquired 9,375,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were bought at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following the completion of the acquisition, the director owned 9,538,945 shares of the company's stock, valued at $30,524,624. This trade represents a 5,718.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.50% of the company's stock.

About Larimar Therapeutics

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.