JMP Securities Lowers Larimar Therapeutics (NASDAQ:LRMR) Price Target to $18.00

Key Points

• JMP Securities has lowered its price target for Larimar Therapeutics from $22.00 to $18.00, suggesting a potential upside of 327.05% from the stock's previous close.
• The company reported an earnings per share (EPS) of ($0.41) for the last quarter, surpassing expectations of ($0.49) by $0.08.
• Insider trading activity saw Director James E. Flynn acquire 9,375,000 shares at an average cost of $3.20 per share, significantly increasing his stake in the company.

Larimar Therapeutics (NASDAQ:LRMR - Free Report) had its price target reduced by JMP Securities from $22.00 to $18.00 in a report issued on Friday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other equities research analysts have also recently commented on the company. Citigroup reissued a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Wedbush dropped their target price on Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. Finally, Guggenheim reissued a "buy" rating and set a $26.00 target price on shares of Larimar Therapeutics in a 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. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $18.43.

Larimar Therapeutics Stock Performance

Shares of LRMR traded up $0.12 during mid-day trading on Friday, reaching $3.77. 1,606,681 shares of the company's stock traded hands, compared to its average volume of 1,081,252. The business's 50-day moving average price is $3.33 and its 200-day moving average price is $2.78. The stock has a market capitalization of $312.07 million, a P/E ratio of -2.42 and a beta of 0.93. 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 released its quarterly earnings results on Thursday, August 14th. The company reported ($0.41) earnings per share for the quarter, beating analysts' consensus estimates of ($0.47) by $0.06. Equities research analysts anticipate that Larimar Therapeutics will post -1.15 EPS for the current year.

Insider Transactions at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn purchased 9,375,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were purchased at an average price of $3.20 per share, for a total transaction of $30,000,000.00. Following the completion of the transaction, the director owned 9,538,945 shares in the company, valued at $30,524,624. This represents a 5,718.38% increase in their position. The transaction was disclosed in a legal 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

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its position in Larimar Therapeutics by 12.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 35,525 shares of the company's stock worth $137,000 after purchasing an additional 3,877 shares in the last quarter. Bank of America Corp DE grew its position in Larimar Therapeutics by 8.1% during the 4th quarter. Bank of America Corp DE now owns 53,190 shares of the company's stock worth $206,000 after purchasing an additional 3,980 shares in the last quarter. Velan Capital Investment Management LP grew its position in Larimar Therapeutics by 17.9% during the 2nd quarter. Velan Capital Investment Management LP now owns 33,000 shares of the company's stock worth $95,000 after purchasing an additional 5,000 shares in the last quarter. American Century Companies Inc. grew its position in Larimar Therapeutics by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company's stock worth $200,000 after purchasing an additional 5,001 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Larimar Therapeutics during the 4th quarter worth approximately $25,000. 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.