Larimar Therapeutics, Inc. $LRMR Shares Purchased by Cubist Systematic Strategies LLC

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 boosted its stake in shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) by 51.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 354,232 shares of the company's stock after acquiring an additional 120,359 shares during the quarter. Cubist Systematic Strategies LLC owned 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 made changes to their positions in the business. Janus Henderson Group PLC increased its position in shares of Larimar Therapeutics by 15.7% in the fourth quarter. Janus Henderson Group PLC now owns 6,443,286 shares of the company's stock valued at $24,936,000 after buying an additional 876,431 shares in the last quarter. Sphera Funds Management LTD. increased its position in shares of Larimar Therapeutics by 9.9% in the fourth quarter. Sphera Funds Management LTD. now owns 455,604 shares of the company's stock valued at $1,763,000 after buying an additional 41,126 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Larimar Therapeutics by 8.6% in the fourth quarter. Northern Trust Corp now owns 376,458 shares of the company's stock worth $1,457,000 after acquiring an additional 29,924 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Larimar Therapeutics in the first quarter worth approximately $376,000. Finally, Wellington Management Group LLP boosted its stake in shares of Larimar Therapeutics by 10.3% in the fourth quarter. Wellington Management Group LLP now owns 116,067 shares of the company's stock worth $449,000 after acquiring an additional 10,821 shares during the last quarter. 91.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on LRMR shares. JMP Securities lowered their price target on 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 lowered their price target on 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 reissued a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Finally, Guggenheim reissued a "buy" rating and set a $26.00 price objective on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Nine analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $18.43.

Insider Activity

In other Larimar Therapeutics news, Director James E. Flynn acquired 9,375,000 shares of the stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following the transaction, the director owned 9,538,945 shares in the company, valued at $30,524,624. The trade was a 5,718.38% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.50% of the company's stock.

Larimar Therapeutics Stock Up 0.8%

NASDAQ LRMR traded up $0.03 during trading hours on Monday, hitting $3.96. 1,123,359 shares of the company were exchanged, compared to its average volume of 1,242,462. The company has a 50 day moving average of $3.68 and a two-hundred day moving average of $2.85. Larimar Therapeutics, Inc. has a 52-week low of $1.61 and a 52-week high of $9.50. The firm has a market cap of $327.81 million, a price-to-earnings ratio of -2.54 and a beta of 0.91.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last issued its quarterly 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. On average, equities research analysts predict that Larimar Therapeutics, Inc. will post -1.15 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.