Altium Capital Management LLC Trims Stock 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 cut its stake in Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) by 69.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 273,204 shares of the company's stock after selling 627,796 shares during the quarter. Larimar Therapeutics comprises approximately 1.4% of Altium Capital Management LLC's investment 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 hedge funds and other institutional investors have also modified their holdings of LRMR. BNP Paribas Financial Markets acquired a new stake in shares of Larimar Therapeutics in the 4th quarter worth $25,000. Algert Global LLC acquired a new stake in shares of Larimar Therapeutics during the 4th quarter worth about $47,000. Graham Capital Management L.P. acquired a new stake in shares of Larimar Therapeutics during the 4th quarter worth about $54,000. ProShare Advisors LLC acquired a new stake in shares of Larimar Therapeutics during the 4th quarter worth about $58,000. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Larimar Therapeutics during the 4th quarter worth about $70,000. 91.92% of the stock is owned by institutional investors and hedge funds.

Larimar Therapeutics Stock Down 5.9%

LRMR stock traded down $0.25 on Friday, reaching $4.01. 1,875,554 shares of the company's stock were exchanged, compared to its average volume of 1,728,414. The stock has a fifty day moving average of $3.29 and a 200-day moving average of $2.78. Larimar Therapeutics, Inc. has a twelve month low of $1.61 and a twelve month high of $9.50. The firm has a market cap of $331.94 million, a PE ratio of -2.57 and a beta of 0.93.

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director James E. Flynn bought 9,375,000 shares of the stock in a transaction on Thursday, July 31st. The shares were bought at an average price 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 approximately $30,524,624. This trade represents a 5,718.38% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.50% of the stock is owned by corporate insiders.

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.