Larimar Therapeutics, Inc. (NASDAQ:LRMR) Receives $18.43 Consensus Target Price from Analysts

Key Points

• Analysts have given Larimar Therapeutics, Inc. a consensus recommendation of "Buy", with an average 12-month price target of $18.43 from ten brokerages.
• Shares of Larimar opened at $3.65 with a one-year low of $1.61 and a high of $9.50, indicating significant volatility.
• Director James E. Flynn purchased 9.375 million shares at an average price of $3.20, boosting his holding in the company by over 5,700%.

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) have received a consensus recommendation of "Buy" from the ten brokerages that are currently covering the firm, MarketBeat reports. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $18.4286.

LRMR has been the topic of several analyst reports. JMP Securities decreased their price objective on Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Friday, August 15th. Citigroup restated a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Guggenheim restated a "buy" rating and set a $26.00 price objective on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Finally, Wedbush decreased their price objective on Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th.

Larimar Therapeutics Price Performance

Larimar Therapeutics stock traded up $0.22 during mid-day trading on Wednesday, hitting $3.91. 1,421,476 shares of the company were exchanged, compared to its average volume of 1,863,028. The business's 50 day simple moving average is $3.38 and its two-hundred day simple moving average is $2.77. The company has a market capitalization of $323.67 million, a P/E ratio of -2.51 and a beta of 0.93. Larimar Therapeutics has a 12-month low of $1.61 and a 12-month high of $9.50.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.06. Equities research analysts predict that Larimar Therapeutics will post -1.15 earnings per share for the current year.

Insider Buying and Selling at Larimar Therapeutics

In other news, Director James E. Flynn bought 9,375,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.50% of the company's stock.

Institutional Trading of Larimar Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC increased its holdings in Larimar Therapeutics by 15.7% in the 4th quarter. Janus Henderson Group PLC now owns 6,443,286 shares of the company's stock valued at $24,936,000 after purchasing an additional 876,431 shares in the last quarter. Blue Owl Capital Holdings LP boosted its position in Larimar Therapeutics by 11.7% in the 4th quarter. Blue Owl Capital Holdings LP now owns 4,653,040 shares of the company's stock valued at $18,007,000 after buying an additional 486,211 shares during the last quarter. Opaleye Management Inc. boosted its position in Larimar Therapeutics by 114.7% in the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company's stock valued at $11,878,000 after buying an additional 2,195,923 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Larimar Therapeutics by 23.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,100,000 shares of the company's stock valued at $8,127,000 after buying an additional 399,123 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its position in Larimar Therapeutics by 46.6% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,442,473 shares of the company's stock valued at $3,101,000 after buying an additional 458,396 shares during the last quarter. 91.92% of the stock is currently owned by institutional investors and hedge funds.

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.