Larimar Therapeutics, Inc. (NASDAQ:LRMR) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Analysts maintain a consensus “Buy” rating on Larimar Therapeutics, with seven buy, three strong-buy, and one sell recommendation. The average 12-month price target is $12.57, well above the stock’s reported $4.10 price.
• Institutional investors and hedge funds own 91.92% of the company, with several funds increasing their positions; director Thomas Edward Hamilton also purchased 50,000 shares at $3.34 each.
• Larimar reported a quarterly loss of $0.30 per share, beating the consensus estimate of a $0.38 loss. The clinical-stage biotech is developing CTI-1601, a Phase 2 treatment candidate for Friedreich’s ataxia.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) has received a consensus rating of "Buy" from the eleven analysts that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $12.5714.

Several equities research analysts have weighed in on LRMR shares. Wall Street Zen raised Larimar Therapeutics from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Citigroup restated a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, June 30th. Wedbush decreased their price objective on shares of Larimar Therapeutics from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Wednesday. HC Wainwright assumed coverage on shares of Larimar Therapeutics in a research note on Thursday, July 2nd. They issued a "buy" rating and a $10.00 target price for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Larimar Therapeutics in a research report on Friday, July 17th.

Insider Activity

In related news, Director Thomas Edward Hamilton acquired 50,000 shares of the stock in a transaction dated Monday, July 6th. The stock was acquired at an average cost of $3.34 per share, for a total transaction of $167,000.00. Following the completion of the purchase, the director owned 714,798 shares of the company's stock, valued at approximately $2,387,425.32. This represents a 7.52% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.00% of the company's stock.

Hedge Funds Weigh In On Larimar Therapeutics

Several hedge funds have recently made changes to their positions in the company. Deerfield Management Company L.P. raised its stake in Larimar Therapeutics by 44.2% in the 3rd quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company's stock worth $98,861,000 after acquiring an additional 9,375,000 shares during the last quarter. Blue Owl Capital Holdings LP grew its stake in Larimar Therapeutics by 16.6% during 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 purchasing an additional 970,650 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Larimar Therapeutics by 7.2% in the fourth quarter. Millennium Management LLC now owns 5,206,364 shares of the company's stock valued at $19,836,000 after purchasing an additional 349,533 shares during the period. Opaleye Management Inc. increased its holdings in shares of Larimar Therapeutics by 114.7% in the second quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company's stock valued at $11,878,000 after purchasing an additional 2,195,923 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Larimar Therapeutics by 44.2% in the third quarter. Vanguard Group Inc. now owns 3,087,840 shares of the company's stock valued at $9,974,000 after purchasing an additional 945,809 shares during the period. 91.92% of the stock is owned by institutional investors and hedge funds.

Larimar Therapeutics Price Performance

Larimar Therapeutics stock opened at $4.10 on Thursday. Larimar Therapeutics has a 1-year low of $2.71 and a 1-year high of $6.42. The business has a fifty day moving average price of $3.61 and a 200-day moving average price of $3.97. The stock has a market capitalization of $425.91 million, a price-to-earnings ratio of -2.10 and a beta of 0.81.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.08. On average, equities research analysts anticipate that Larimar Therapeutics will post -1.65 earnings per share for the current fiscal year.

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

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