Goldman Sachs Group Inc. Sells 1,480,957 Shares of Larimar Therapeutics, Inc. $LRMR

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Larimar Therapeutics by 35.7%, now holding 2,671,271 shares worth approximately $5.74 million.
• Director James E. Flynn significantly increased his holdings by acquiring 9,375,000 shares for $30 million, raising his total ownership to about 9.54 million shares.
• Analysts maintain a generally positive outlook for Larimar, with Guggenheim issuing a "buy" rating and a target price of $26.00 amid several updates to price targets by other research firms.

Goldman Sachs Group Inc. cut its stake in shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Free Report) by 35.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,671,271 shares of the company's stock after selling 1,480,957 shares during the quarter. Goldman Sachs Group Inc. owned 4.17% of Larimar Therapeutics worth $5,743,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of LRMR. Northern Trust Corp boosted its position 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 buying an additional 29,924 shares during the period. BNP Paribas Financial Markets acquired a new stake in Larimar Therapeutics during the fourth quarter valued at $25,000. Bank of America Corp DE boosted its position in Larimar Therapeutics by 8.1% during the fourth quarter. Bank of America Corp DE now owns 53,190 shares of the company's stock valued at $206,000 after purchasing an additional 3,980 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in Larimar Therapeutics during the fourth quarter valued at $54,000. Finally, ProShare Advisors LLC acquired a new stake in Larimar Therapeutics during the fourth quarter valued at $58,000. Institutional investors and hedge funds own 91.92% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Guggenheim reissued a "buy" rating and set a $26.00 price objective on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. JMP Securities reduced their price target on Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating for the company in a research report on Friday, August 15th. Wedbush reduced their price target 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. Finally, Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. Nine investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $18.43.

Larimar Therapeutics Stock Performance

Larimar Therapeutics stock traded down $0.08 during trading hours on Friday, hitting $4.20. 2,378,041 shares of the stock were exchanged, compared to its average volume of 1,217,125. The stock has a market capitalization of $347.68 million, a P/E ratio of -2.69 and a beta of 0.91. Larimar Therapeutics, Inc. has a 12 month low of $1.61 and a 12 month high of $9.50. The business's 50-day moving average is $3.74 and its two-hundred day moving average is $2.89.

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

Insider Activity at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn bought 9,375,000 shares of Larimar Therapeutics stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following the acquisition, the director directly owned 9,538,945 shares of the company's stock, valued at $30,524,624. The trade was a 5,718.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.50% of the stock is owned by 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.