Cubist Systematic Strategies LLC Increases Stake in Larimar Therapeutics, Inc. $LRMR

Key Points

• Cubist Systematic Strategies LLC increased its holdings in Larimar Therapeutics by 51.5%, owning approximately $762,000 worth of the company's stock as of the end of the first quarter.
• Wells Fargo and Northern Trust have also significantly increased their stakes in Larimar Therapeutics, with several hedge funds actively adjusting their positions in the company.
• Analysts have set a consensus price target of $18.43 for Larimar Therapeutics, with nine analysts rating the stock as a Buy despite recent price target reductions.

Cubist Systematic Strategies LLC increased its holdings in shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) by 51.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 354,232 shares of the company's stock after acquiring an additional 120,359 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.55% of Larimar Therapeutics worth $762,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of LRMR. BNP Paribas Financial Markets acquired a new position in Larimar Therapeutics during the fourth quarter worth about $25,000. Walleye Capital LLC purchased a new position in Larimar Therapeutics during the first quarter worth about $37,000. Algert Global LLC purchased a new position in Larimar Therapeutics during the fourth quarter worth about $47,000. Graham Capital Management L.P. purchased a new position in Larimar Therapeutics during the fourth quarter worth about $54,000. Finally, ProShare Advisors LLC purchased a new position in Larimar Therapeutics during the fourth quarter worth about $58,000. 91.92% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Larimar Therapeutics news, Director James E. Flynn bought 9,375,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following the purchase, the director directly owned 9,538,945 shares in the company, valued at approximately $30,524,624. This represents a 5,718.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LRMR has been the topic of a number of analyst reports. JMP Securities reduced their target price on shares of Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Friday, August 15th. Wedbush reduced their target price on shares of Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 24th. Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Finally, Guggenheim reaffirmed a "buy" rating and set a $26.00 target price 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, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $18.43.

Larimar Therapeutics Price Performance

Shares of Larimar Therapeutics stock traded down $0.24 on Friday, reaching $3.93. The company had a trading volume of 1,334,825 shares, compared to its average volume of 1,268,811. Larimar Therapeutics, Inc. has a 52-week low of $1.61 and a 52-week high of $9.50. The firm's 50 day moving average price is $3.65 and its two-hundred day moving average price is $2.84.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.06. As a group, equities research analysts expect that Larimar Therapeutics, Inc. will post -1.15 earnings per share for the current year.

Larimar Therapeutics Company 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.