Larimar Therapeutics (NASDAQ:LRMR) Given New $11.00 Price Target at Wedbush

Key Points

• Wedbush has lowered its price target for Larimar Therapeutics from $15.00 to $11.00, signaling a potential upside of 225.44% from the current price.
• The stock is currently rated as a "Buy" by nine research analysts, with an average price target of $17.43.
• Insider activity includes Director James E. Flynn purchasing 9.37 million shares at an average price of $3.20, increasing his ownership significantly.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) had its target price dropped by Wedbush from $15.00 to $11.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's price objective points to a potential upside of 225.44% from the company's current price.

Several other research firms also recently commented on LRMR. Citigroup restated a "buy" rating on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Guggenheim restated a "buy" rating and issued a $26.00 price target on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. JMP Securities decreased their price target on shares of Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Friday, August 15th. Finally, Robert W. Baird decreased their price target on shares of Larimar Therapeutics from $10.00 to $7.00 and set an "outperform" rating on the stock in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $17.43.

Larimar Therapeutics Stock Down 33.6%

Shares of LRMR stock opened at $3.38 on Tuesday. The company's fifty day simple moving average is $3.89 and its 200-day simple moving average is $2.96. The firm has a market cap of $279.80 million, a PE ratio of -2.17 and a beta of 0.91. 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 announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.41) EPS for the quarter, topping analysts' consensus estimates of ($0.47) by $0.06. On average, equities analysts predict that Larimar Therapeutics will post -1.15 earnings per share for the current fiscal year.

Insider Activity at Larimar Therapeutics

In related news, Director James E. Flynn bought 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, with a total value of $30,000,000.00. Following the completion of the acquisition, the director owned 9,538,945 shares of the company's stock, valued at $30,524,624. The trade was a 5,718.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Opaleye Management Inc. increased its stake 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 buying an additional 2,195,923 shares during the period. Alyeska Investment Group L.P. increased its position in 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 purchasing an additional 458,396 shares during the period. Cubist Systematic Strategies LLC increased its position in Larimar Therapeutics by 51.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 354,232 shares of the company's stock valued at $762,000 after purchasing an additional 120,359 shares during the period. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Larimar Therapeutics by 70.6% during the 2nd quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 307,198 shares of the company's stock valued at $888,000 after purchasing an additional 127,171 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Larimar Therapeutics by 17.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 256,861 shares of the company's stock valued at $742,000 after purchasing an additional 38,427 shares during the period. Institutional investors and hedge funds 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.

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