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

Key Points

• Lariamar Therapeutics, Inc. has received a consensus recommendation of "Buy" from nine brokerages, with an average twelve-month price target of $18.43.
• The company's stock is currently valued at $3.93, reflecting a 5.8% decrease, and has a market cap of $325.32 million.
• Insider activity includes a significant purchase of 9,375,000 shares by Director James E. Flynn for a total of $30 million, substantially increasing his stake in the company.

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) has been given a consensus recommendation of "Buy" by the nine brokerages that are covering the firm, Marketbeat reports. Nine investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have covered the stock in the last year is $18.4286.

Several brokerages have commented on LRMR. Guggenheim restated a "buy" rating and issued a $26.00 target price on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. JMP Securities cut their target price on Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Friday, August 15th. Citigroup restated a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Finally, Wedbush cut their target price on Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Tuesday, June 24th.

Larimar Therapeutics Stock Down 5.8%

Shares of NASDAQ LRMR opened at $3.93 on Friday. Larimar Therapeutics has a 52 week low of $1.61 and a 52 week high of $9.50. The business has a 50-day simple moving average of $3.67 and a two-hundred day simple moving average of $2.84. The company has a market cap of $325.32 million, a P/E ratio of -2.52 and a beta of 0.91.

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

Insider Activity

In other Larimar Therapeutics news, Director James E. Flynn purchased 9,375,000 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $3.20 per share, for a total transaction of $30,000,000.00. Following the transaction, the director owned 9,538,945 shares in the company, valued at $30,524,624. The trade was a 5,718.38% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.50% of the company's stock.

Institutional Trading of Larimar Therapeutics

A number of large investors have recently modified their holdings of LRMR. Opaleye Management Inc. boosted its position in shares of Larimar Therapeutics by 114.7% during the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company's stock valued at $11,878,000 after acquiring an additional 2,195,923 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in shares of Larimar Therapeutics by 46.6% during 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 acquiring an additional 458,396 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at about $636,000. Nuveen LLC bought a new stake in shares of Larimar Therapeutics during the 1st quarter valued at about $376,000. Finally, XTX Topco Ltd bought a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at about $484,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.