Dimensional Fund Advisors LP Purchases 470,968 Shares of Larimar Therapeutics, Inc. $LRMR

Key Points

• Dimensional Fund Advisors increased its Larimar Therapeutics stake by 143.8%, purchasing 470,968 additional shares to hold 798,462 shares valued at approximately $3.6 million. Institutional investors collectively own 91.92% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a consensus price target of $12.57. JPMorgan initiated coverage with an “overweight” rating and a $9 target, while Wedbush and Robert W. Baird reduced their targets but retained “outperform” ratings.
• Larimar shares opened at $4.37, within a 52-week range of $2.71 to $6.42, while the company reported a quarterly loss of $0.30 per share—beating estimates of a $0.38 loss. Its lead drug candidate, CTI-1601, is in a Phase 2 trial for Friedreich’s ataxia.

Dimensional Fund Advisors LP lifted its position in shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) by 143.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 798,462 shares of the company's stock after buying an additional 470,968 shares during the period. Dimensional Fund Advisors LP owned about 0.77% of Larimar Therapeutics worth $3,592,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Deerfield Management Company L.P. grew its position in Larimar Therapeutics by 44.2% during the third quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company's stock valued at $98,861,000 after acquiring an additional 9,375,000 shares during the last quarter. Blue Owl Capital Holdings LP raised its stake in shares of Larimar Therapeutics by 16.6% during the fourth quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company's stock worth $25,998,000 after acquiring an additional 970,650 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Larimar Therapeutics by 7.2% in the 4th quarter. Millennium Management LLC now owns 5,206,364 shares of the company's stock worth $19,836,000 after acquiring an additional 349,533 shares during the last quarter. Opaleye Management Inc. lifted 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 acquiring an additional 2,195,923 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Larimar Therapeutics by 44.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,087,840 shares of the company's stock valued at $9,974,000 after purchasing an additional 945,809 shares in the last quarter. Institutional investors own 91.92% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on LRMR. JPMorgan Chase & Co. initiated coverage on shares of Larimar Therapeutics in a report on Wednesday, May 27th. They set an "overweight" rating and a $9.00 target price on the stock. Wedbush lowered their price target on shares of Larimar Therapeutics from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Wednesday, August 5th. Citigroup restated a "buy" rating on shares of Larimar Therapeutics in a research report on Tuesday, June 30th. Wall Street Zen upgraded Larimar Therapeutics from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Robert W. Baird lowered their target price on Larimar Therapeutics from $7.00 to $5.00 and set an "outperform" rating for the company in a research note on Tuesday, June 30th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $12.57.

Larimar Therapeutics Stock Performance

Shares of Larimar Therapeutics stock opened at $4.37 on Thursday. Larimar Therapeutics, Inc. has a 52-week low of $2.71 and a 52-week high of $6.42. The company's 50 day moving average price is $3.70 and its 200-day moving average price is $4.01. The stock has a market capitalization of $453.96 million, a price-to-earnings ratio of -2.24 and a beta of 0.81.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.30) EPS for the quarter, beating analysts' consensus estimates of ($0.38) by $0.08. As a group, equities research analysts forecast that Larimar Therapeutics, Inc. will post -1.5 earnings per share for the current fiscal year.

Insider Activity at Larimar Therapeutics

In other news, Director Thomas Edward Hamilton bought 50,000 shares of the company's stock in a transaction dated Monday, July 6th. The stock was bought at an average cost of $3.34 per share, for a total transaction of $167,000.00. Following the completion of the acquisition, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. This trade represents a 7.52% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 4.00% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source