Larimar Therapeutics, Inc. (NASDAQ:LRMR) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Larimar Therapeutics has a consensus analyst rating of Buy from 11 covering analysts, with an average 12-month price target of about $12.71.
• Shares of LRMR rose 3.6% to $4.28 on Friday, with trading volume above its average. The stock has traded between $2.71 and $6.42 over the past year.
• Director Thomas Edward Hamilton bought 50,000 shares at $3.34 each, signaling insider confidence. Institutional investors also own a large majority of the company, at 91.92% of shares outstanding.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) has received a consensus rating of "Buy" from the eleven analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $12.7143.

LRMR has been the topic of several analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Larimar Therapeutics in a research note on Tuesday, April 21st. HC Wainwright began coverage on shares of Larimar Therapeutics in a research note on Thursday, July 2nd. They issued a "buy" rating and a $10.00 price objective for the company. Wedbush decreased their price objective on shares of Larimar Therapeutics from $13.00 to $12.00 and set an "outperform" rating for the company in a report on Monday, May 18th. JPMorgan Chase & Co. assumed coverage on shares of Larimar Therapeutics in a research report on Wednesday, May 27th. They set an "overweight" rating and a $9.00 target price on the stock. Finally, Truist Financial upgraded Larimar Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th.

Insider Activity

In related news, Director Thomas Edward Hamilton acquired 50,000 shares of the stock in a transaction dated Monday, July 6th. The shares were acquired at an average price of $3.34 per share, with a total value of $167,000.00. Following the acquisition, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. The trade was a 7.52% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Larimar Therapeutics

A number of large investors have recently added to or reduced their stakes in LRMR. Deerfield Management Company L.P. raised its position in shares of Larimar Therapeutics by 44.2% in the third quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company's stock valued at $98,861,000 after purchasing an additional 9,375,000 shares during the period. Blue Owl Capital Holdings LP grew its stake in Larimar Therapeutics by 16.6% in the 4th quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company's stock valued at $25,998,000 after buying an additional 970,650 shares during the last quarter. Millennium Management LLC grew its stake in Larimar Therapeutics by 7.2% in the 4th quarter. Millennium Management LLC now owns 5,206,364 shares of the company's stock valued at $19,836,000 after buying an additional 349,533 shares during the last quarter. Opaleye Management Inc. raised its holdings in Larimar Therapeutics by 114.7% in the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company's stock worth $11,878,000 after acquiring an additional 2,195,923 shares during the period. Finally, Vanguard Group Inc. lifted its position in Larimar Therapeutics by 44.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,087,840 shares of the company's stock worth $9,974,000 after acquiring an additional 945,809 shares during the last quarter. Institutional investors own 91.92% of the company's stock.

Larimar Therapeutics Trading Up 3.6%

NASDAQ:LRMR traded up $0.15 on Friday, hitting $4.28. 3,445,373 shares of the company's stock traded hands, compared to its average volume of 2,851,559. The company has a market cap of $444.61 million, a PE ratio of -2.08 and a beta of 0.83. Larimar Therapeutics has a 1 year low of $2.71 and a 1 year high of $6.42. The firm has a 50-day moving average price of $3.57 and a 200-day moving average price of $3.94.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last released its earnings results on Thursday, May 14th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.53) by $0.22. On average, research analysts forecast that Larimar Therapeutics will post -1.65 EPS for the current fiscal year.

About Larimar Therapeutics

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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.

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