Larimar Therapeutics, Inc. (NASDAQ:LRMR) Director Buys $30,000,000.00 in 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 the stock in a transaction that occurred 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 trade represents a 5,718.38% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Larimar Therapeutics Stock Down 3.8%

Shares of LRMR stock traded down $0.13 during trading on Monday, hitting $3.31. The company had a trading volume of 1,424,799 shares, compared to its average volume of 1,005,492. The stock's 50-day moving average is $2.99 and its two-hundred day moving average is $2.76. The stock has a market capitalization of $211.93 million, a price-to-earnings ratio of -2.22 and a beta of 0.93. Larimar Therapeutics, Inc. has a 52 week low of $1.61 and a 52 week high of $9.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in Larimar Therapeutics in the fourth quarter worth $25,000. Walleye Capital LLC bought a new position in shares of Larimar Therapeutics during the first quarter valued at $37,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Larimar Therapeutics during the second quarter valued at $44,000. Algert Global LLC bought a new position in shares of Larimar Therapeutics during the fourth quarter valued at $47,000. Finally, Graham Capital Management L.P. bought a new stake in Larimar Therapeutics in the 4th quarter worth about $54,000. 91.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on LRMR shares. Guggenheim reissued a "buy" rating and issued a $26.00 target price on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Wedbush dropped 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 reiterated a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $18.50.

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.

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