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) released its quarterly earnings data on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.47) by $0.06, Zacks reports.

Larimar Therapeutics Trading Down 5.9%

Shares of LRMR stock traded down $0.25 during mid-day trading on Friday, reaching $4.01. The stock had a trading volume of 1,875,554 shares, compared to its average volume of 1,075,624. The business's fifty day moving average is $3.26 and its 200-day moving average is $2.78. The firm has a market cap of $331.95 million, a price-to-earnings ratio of -2.69 and a beta of 0.93. Larimar Therapeutics has a 1-year low of $1.61 and a 1-year high of $9.50.

Insider Buying and Selling at Larimar Therapeutics

In other news, Director James E. Flynn acquired 9,375,000 shares of the business's stock in a transaction dated 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 completion of the acquisition, the director owned 9,538,945 shares of the company's stock, valued at approximately $30,524,624. This trade represents a 5,718.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 4.50% of the company's stock.

Institutional Trading of Larimar Therapeutics

Several institutional investors have recently bought and sold shares of the business. American Century Companies Inc. grew its holdings in Larimar Therapeutics by 7.8% in the second quarter. American Century Companies Inc. now owns 69,285 shares of the company's stock valued at $200,000 after purchasing an additional 5,001 shares during the period. Rhumbline Advisers grew its holdings in Larimar Therapeutics by 15.7% in the first quarter. Rhumbline Advisers now owns 65,018 shares of the company's stock valued at $140,000 after purchasing an additional 8,818 shares during the period. Massar Capital Management LP acquired a new stake in Larimar Therapeutics in the second quarter valued at approximately $149,000. Acadian Asset Management LLC acquired a new stake in Larimar Therapeutics in the first quarter valued at approximately $113,000. Finally, AQR Capital Management LLC acquired a new stake in Larimar Therapeutics in the first quarter valued at approximately $241,000. 91.92% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Guggenheim reiterated a "buy" rating and issued a $26.00 target price on shares of Larimar Therapeutics in a report on Tuesday, June 24th. JMP Securities dropped their target price on Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Friday. Wedbush dropped their target price on Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating for the company in a report on Tuesday, June 24th. Finally, Citigroup reiterated a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Larimar Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $18.43.

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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