Larimar Therapeutics (NASDAQ:LRMR) Insider Gopi Shankar Buys 5,000 Shares of Stock

Key Points

• Insider Gopi Shankar bought 5,000 Larimar shares at an average price of $2.71, spending $13,550. The purchase increased his direct holdings by 6.54% to 81,443 shares.
• LRMR traded at $2.70, near its 50-day average of $2.97 and below its 200-day average of $3.77; its one-year range is $1.91 to $6.42.
• Analysts give Larimar a consensus Buy rating and a $10.33 average price target, while institutional investors own 91.92% of the stock.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) insider Gopi Shankar acquired 5,000 shares of the business's stock in a transaction that occurred on Wednesday, November 11th. The stock was bought at an average cost of $2.71 per share, for a total transaction of $13,550.00. Following the completion of the purchase, the insider directly owned 81,443 shares in the company, valued at $220,710.53. This represents a 6.54% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Larimar Therapeutics Price Performance

LRMR traded down $0.03 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 company's fifty day moving average price is $2.97 and its 200 day moving average price is $3.77. Larimar Therapeutics, Inc. has a 1-year low of $1.91 and a 1-year high of $6.42. The stock has a market cap of $280.48 million, a price-to-earnings ratio of -1.38 and a beta of 0.73.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors have recently made changes to their positions in the business. AIGH Capital Management LLC bought a new position in Larimar Therapeutics in the 3rd quarter worth approximately $5,911,000. WINTON GROUP Ltd acquired a new position in Larimar Therapeutics during the 2nd quarter valued at $160,000. Engineers Gate Manager LP acquired a new position in Larimar Therapeutics during the 2nd quarter valued at $69,000. Integrated Wealth Concepts LLC bought a new stake in Larimar Therapeutics in the 2nd quarter valued at $27,000. Finally, Squarepoint Ops LLC bought a new stake in Larimar Therapeutics in the 2nd quarter valued at $346,000. 91.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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