Larimar Therapeutics (NASDAQ:LRMR) Issues Earnings Results

Key Points

• Larimar Therapeutics reported a quarterly earnings per share (EPS) of ($0.41), exceeding analysts' expectations of ($0.47) by $0.06.
• The company experienced a 5.9% decline in share price following the earnings release, with LRMR stock trading at $4.01.
• Analysts maintain a consensus rating of "Buy" for Larimar Therapeutics, with a consensus price target of $18.43.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.06, Zacks reports.

Larimar Therapeutics Stock Up 3.3%

Shares of NASDAQ LRMR traded up $0.12 during midday trading on Wednesday, hitting $3.77. The stock had a trading volume of 1,610,257 shares, compared to its average volume of 1,852,679. The business's 50 day moving average is $3.34 and its 200-day moving average is $2.78. Larimar Therapeutics has a 52 week low of $1.61 and a 52 week high of $9.50. The company has a market cap of $312.08 million, a P/E ratio of -2.42 and a beta of 0.93.

Insiders Place Their Bets

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

Institutional Trading of Larimar Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Opaleye Management Inc. increased its holdings in Larimar Therapeutics by 114.7% in the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company's stock worth $11,878,000 after buying an additional 2,195,923 shares in the last quarter. Cerity Partners LLC purchased a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at about $636,000. AQR Capital Management LLC purchased a new stake in shares of Larimar Therapeutics during the 1st quarter valued at about $241,000. Acadian Asset Management LLC bought a new stake in shares of Larimar Therapeutics in the first quarter worth approximately $113,000. Finally, Massar Capital Management LP purchased a new position in shares of Larimar Therapeutics during the second quarter valued at approximately $149,000. Institutional investors own 91.92% of the company's stock.

Analysts Set New Price Targets

LRMR has been the topic of a number of recent research reports. Wedbush cut their price objective on shares of Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. JMP Securities dropped their price target on Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Friday, August 15th. 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. Finally, Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the stock. According to data from MarketBeat, Larimar Therapeutics has an average rating of "Buy" and a consensus price target of $18.43.

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.