Larimar Therapeutics (NASDAQ:LRMR) Stock: Insider John Jr. Harlow Buys 17,800 Shares

Key Points

• COO John Jr. Harlow bought 17,800 Larimar shares at an average price of $2.80, spending $49,840. The purchase increased his ownership by 35.6% to 67,800 shares.
• LRMR shares fell 1.1% to $2.70 in Thursday midday trading, below their 50-day and 200-day moving averages.
• Analysts have a consensus “Buy” rating and an average price target of $10.33; institutional investors own 91.92% of the stock.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) COO John Jr. Harlow purchased 17,800 shares of the firm's stock in a transaction that occurred on Wednesday, November 11th. The stock was purchased at an average price of $2.80 per share, for a total transaction of $49,840.00. Following the acquisition, the chief operating officer owned 67,800 shares of the company's stock, valued at $189,840. The trade was a 35.60% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Larimar Therapeutics Stock Down 1.1%

LRMR stock traded down $0.03 during midday trading on Thursday, reaching $2.70. The stock had a trading volume of 1,190,176 shares, compared to its average volume of 2,378,292. The business has a fifty day simple moving average of $2.97 and a two-hundred day simple moving average of $3.77. The firm has a market cap of $280.48 million, a price-to-earnings ratio of -1.38 and a beta of 0.73. Larimar Therapeutics, Inc. has a twelve month low of $1.91 and a twelve month high of $6.42.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LRMR. BlackRock Inc. acquired a new position in Larimar Therapeutics during the second quarter valued at approximately $17,318,000. AIGH Capital Management LLC bought a new stake in Larimar Therapeutics in the third quarter valued at approximately $5,911,000. Dimensional Fund Advisors LP increased its stake in Larimar Therapeutics by 143.8% in the first quarter. Dimensional Fund Advisors LP now owns 798,462 shares of the company's stock valued at $3,592,000 after purchasing an additional 470,968 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Larimar Therapeutics by 148.9% in the first quarter. Renaissance Technologies LLC now owns 739,942 shares of the company's stock worth $3,330,000 after purchasing an additional 442,676 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Larimar Therapeutics in the second quarter worth $1,210,000. Institutional investors own 91.92% of the company's stock.

Larimar Therapeutics Company Profile

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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