Larimar Therapeutics (NASDAQ:LRMR) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Weiss Ratings has reissued a "sell (D-)" rating for Larimar Therapeutics (NASDAQ:LRMR), indicating negative sentiment towards the stock.
• Analysts have varying opinions, with nine giving a buy rating and target prices fluctuating between $7.00 and $26.00, leading to an average target price of $16.71.
• Institutional investors hold a significant stake of 91.92% in Larimar Therapeutics, with notable increases in holdings from multiple investment firms.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report)'s stock had its "sell (d-)" rating reissued by Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other equities analysts have also issued reports on LRMR. Robert W. Baird cut their target price on Larimar Therapeutics from $10.00 to $7.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 30th. Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. Wedbush cut their target price on Larimar Therapeutics from $15.00 to $11.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 30th. Guggenheim restated a "buy" rating and set a $26.00 price objective on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Finally, Oppenheimer decreased their price objective on shares of Larimar Therapeutics from $26.00 to $21.00 and set an "outperform" rating for the company in a report on Thursday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.71.

Larimar Therapeutics Stock Up 2.1%

Shares of LRMR opened at $4.82 on Wednesday. The business's 50 day moving average is $4.00 and its two-hundred day moving average is $3.05. Larimar Therapeutics has a 52-week low of $1.61 and a 52-week high of $9.50. The firm has a market cap of $399.00 million, a price-to-earnings ratio of -3.09 and a beta of 1.00.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.47) by $0.06. On average, equities analysts expect that Larimar Therapeutics will post -1.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James E. Flynn acquired 9,375,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $3.20 per share, for a total transaction of $30,000,000.00. Following the purchase, the director directly owned 9,538,945 shares in the company, valued at $30,524,624. This represents a 5,718.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 4.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors have recently modified their holdings of the company. Bank of America Corp DE increased its holdings in shares of Larimar Therapeutics by 8.1% in the 4th quarter. Bank of America Corp DE now owns 53,190 shares of the company's stock worth $206,000 after acquiring an additional 3,980 shares during the period. Velan Capital Investment Management LP increased its stake in shares of Larimar Therapeutics by 17.9% in the second quarter. Velan Capital Investment Management LP now owns 33,000 shares of the company's stock valued at $95,000 after purchasing an additional 5,000 shares during the period. American Century Companies Inc. raised its holdings in shares of Larimar Therapeutics by 7.8% during the second quarter. American Century Companies Inc. now owns 69,285 shares of the company's stock valued at $200,000 after buying an additional 5,001 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Larimar Therapeutics by 15.7% during the first quarter. Rhumbline Advisers now owns 65,018 shares of the company's stock valued at $140,000 after buying an additional 8,818 shares during the last quarter. Finally, Algert Global LLC boosted its position in shares of Larimar Therapeutics by 91.0% during the first quarter. Algert Global LLC now owns 23,280 shares of the company's stock worth $50,000 after buying an additional 11,090 shares during the period. Institutional investors own 91.92% of the company's stock.

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.

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