Larimar Therapeutics (NASDAQ:LRMR) Price Target Cut to $18.00 by Analysts at JMP Securities

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 - Get Free Report) had its price target lowered by stock analysts at JMP Securities from $22.00 to $18.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. JMP Securities' price objective would suggest a potential upside of 327.05% from the stock's previous close.

LRMR has been the topic of a number of other reports. Wedbush cut their price objective on Larimar Therapeutics from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. Citigroup reaffirmed a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, June 24th. Finally, Guggenheim reiterated a "buy" rating and set a $26.00 price target on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $18.43.

Larimar Therapeutics Trading Down 1.1%

Shares of LRMR traded down $0.05 during trading hours on Friday, hitting $4.22. The company had a trading volume of 340,970 shares, compared to its average volume of 1,064,806. The company has a market capitalization of $348.92 million, a PE ratio of -2.83 and a beta of 0.93. Larimar Therapeutics has a one year low of $1.61 and a one year high of $9.50. The company's fifty day moving average price is $3.26 and its two-hundred day moving average price is $2.78.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last released its quarterly earnings results on Wednesday, August 20th. The company reported ($0.41) EPS for the quarter, beating analysts' consensus estimates of ($0.49) by $0.08. Analysts forecast that Larimar Therapeutics will post -1.15 earnings per share for the current year.

Insider Buying and Selling at Larimar Therapeutics

In other news, Director James E. Flynn acquired 9,375,000 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $3.20 per share, with a total value of $30,000,000.00. Following the completion of the purchase, the director owned 9,538,945 shares of the company's stock, valued at $30,524,624. This represents a 5,718.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Larimar Therapeutics

A number of institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its stake in shares of Larimar Therapeutics by 12.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 35,525 shares of the company's stock valued at $137,000 after buying an additional 3,877 shares in the last quarter. Bank of America Corp DE boosted its holdings in Larimar Therapeutics by 8.1% in the fourth quarter. Bank of America Corp DE now owns 53,190 shares of the company's stock valued at $206,000 after purchasing an additional 3,980 shares during the period. Velan Capital Investment Management LP boosted its holdings in 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. boosted 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. Finally, BNP Paribas Financial Markets purchased a new stake in Larimar Therapeutics during the 4th quarter worth about $25,000. 91.92% of the stock is owned by institutional investors and hedge funds.

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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