Larimar Therapeutics (NASDAQ:LRMR) CEO Acquires 18,050 Shares of Company Stock

Key Points

• CEO Carole Ben-Maimon bought 18,050 Larimar shares at an average $2.77 apiece, a purchase totaling about $50,000. The transaction increased her ownership by 4.9% to 386,326 shares.
• LRMR traded at $2.70 in Thursday’s session and has a consensus analyst rating of Buy, with a consensus price target of $10.33; ratings include two Strong Buys, six Buys, and one Sell.
• Larimar is a clinical-stage biotech developing nomlabofusp, a potential treatment for Friedreich’s ataxia. Institutional investors and hedge funds own 91.92% of the company’s stock.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) CEO Carole Ben-Maimon purchased 18,050 shares of Larimar Therapeutics stock in a transaction that occurred on Wednesday, November 11th. The stock was bought at an average cost of $2.77 per share, with a total value of $49,998.50. Following the completion of the transaction, the chief executive officer owned 386,326 shares of the company's stock, valued at $1,070,123.02. The trade was a 4.90% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Larimar Therapeutics Stock Performance

NASDAQ LRMR traded down $0.03 during trading hours on Thursday, hitting $2.70. The company had a trading volume of 1,190,176 shares, compared to its average volume of 2,378,292. The business has a 50 day moving average of $2.97 and a 200-day moving average of $3.77. The company has a market cap of $280.48 million, a PE ratio of -1.38 and a beta of 0.73. Larimar Therapeutics, Inc. has a 1-year low of $1.91 and a 1-year high of $6.42.

Institutional Trading of Larimar Therapeutics

A number of large investors have recently bought and sold shares of the business. AIGH Capital Management LLC purchased a new position in Larimar Therapeutics during the 3rd quarter worth $5,911,000. WINTON GROUP Ltd purchased a new stake in shares of Larimar Therapeutics in the second quarter valued at about $160,000. Engineers Gate Manager LP purchased a new stake in shares of Larimar Therapeutics in the second quarter valued at about $69,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Larimar Therapeutics during the second quarter worth about $27,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Larimar Therapeutics during the second quarter worth about $346,000. Institutional investors and hedge funds own 91.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LRMR shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Larimar Therapeutics in a research report on Thursday, October 15th. Leerink Partners initiated coverage on Larimar Therapeutics in a research report on Monday, September 14th. They set an "outperform" rating and a $13.00 price target on the stock. Finally, Wedbush reaffirmed an "outperform" rating on shares of Larimar Therapeutics in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $10.33.

About Larimar Therapeutics

Larimar Therapeutics, Inc. is a clinical-stage biotechnology company headquartered in Bala Cynwyd, Pennsylvania, focused on developing treatments for rare diseases. Its lead drug candidate is nomlabofusp, formerly known as CTI-1601, an engineered fusion protein designed to deliver frataxin to mitochondria. Nomlabofusp is being developed to treat Friedreich's ataxia, a rare, inherited neurodegenerative disorder associated with insufficient frataxin. Larimar's approach uses a cell-penetrating peptide to transport frataxin into cells and mitochondria, with the goal of addressing an underlying cause of the disease rather than only treating its symptoms.

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