James E. Flynn Purchases 9,375,000 Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR) Stock

Key Points

• James E. Flynn, a director at Larimar Therapeutics, has made a significant investment of $30 million by purchasing 9,375,000 shares at an average price of $3.20 each, increasing his ownership stake by over 5,700%.
• The stock price of Larimar Therapeutics recently declined by 3.8%, trading at $3.31, with a market capitalization of approximately $211.93 million.
• Analysts generally have a positive outlook on the company's stock, with a majority rating it as a "buy" and setting an average target price of $18.50.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) Director James E. Flynn purchased 9,375,000 shares of Larimar Therapeutics stock in a transaction on Thursday, July 31st. The shares were acquired at an average cost of $3.20 per share, for a total transaction of $30,000,000.00. Following the completion of the transaction, the director owned 9,538,945 shares of the company's stock, valued at $30,524,624. This represents a 5,718.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Larimar Therapeutics Stock Down 4.2%

LRMR traded down $0.16 during trading on Friday, reaching $3.51. The stock had a trading volume of 585,157 shares, compared to its average volume of 1,051,668. The stock has a 50 day moving average of $3.12 and a two-hundred day moving average of $2.77. The firm has a market capitalization of $224.43 million, a price-to-earnings ratio of -2.35 and a beta of 0.93. Larimar Therapeutics, Inc. has a 1-year low of $1.61 and a 1-year high of $9.50.

Wall Street Analysts Forecast Growth

LRMR has been the topic of several recent analyst reports. Guggenheim reaffirmed a "buy" rating and issued a $26.00 price target on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Wedbush reduced their price target on shares of Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 24th. Finally, Citigroup reissued a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Larimar Therapeutics has an average rating of "Buy" and a consensus price target of $18.50.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. American Century Companies Inc. grew its stake in shares of Larimar Therapeutics by 32.8% in the 4th quarter. American Century Companies Inc. now owns 56,294 shares of the company's stock worth $218,000 after purchasing an additional 13,891 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Larimar Therapeutics by 10.3% during the fourth quarter. Wellington Management Group LLP now owns 116,067 shares of the company's stock worth $449,000 after buying an additional 10,821 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Larimar Therapeutics by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 19,657 shares of the company's stock worth $76,000 after buying an additional 6,701 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Larimar Therapeutics by 12.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 35,525 shares of the company's stock worth $137,000 after buying an additional 3,877 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Larimar Therapeutics by 45.1% during the fourth quarter. Renaissance Technologies LLC now owns 513,542 shares of the company's stock worth $1,987,000 after buying an additional 159,700 shares in the last quarter. Institutional investors own 91.92% of the company's stock.

Larimar Therapeutics Company 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.