Larimar Therapeutics (NASDAQ:LRMR) Price Target Cut to $21.00 by Analysts at Oppenheimer

Key Points

• Oppenheimer has reduced its price target for Larimar Therapeutics from $26.00 to $21.00, while maintaining an "outperform" rating, suggesting a potential upside of 376.19% based on current prices.
• Multiple analysts have differing views on Larimar, with Guggenheim maintaining a "buy" rating at $26.00, while Robert W. Baird and JMP Securities have lowered their targets significantly to $7.00 and $18.00, respectively.
• Director James E. Flynn acquired 9.375 million shares at $3.20 each, indicating strong insider confidence, as it significantly increased his ownership in the company.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) had its price target reduced by Oppenheimer from $26.00 to $21.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's price objective points to a potential upside of 376.19% from the stock's current price.

A number of other research firms have also weighed in on LRMR. Guggenheim reiterated a "buy" rating and set a $26.00 price objective on shares of Larimar Therapeutics in a research note on Tuesday, June 24th. Robert W. Baird decreased their price objective on shares of Larimar Therapeutics from $10.00 to $7.00 and set an "outperform" rating for the company in a research report on Tuesday. Citigroup reiterated a "buy" rating on shares of Larimar Therapeutics in a research report on Tuesday, June 24th. JMP Securities cut their target price on shares of Larimar Therapeutics from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Friday, August 15th. Finally, Wedbush lowered their price objective on Larimar Therapeutics from $15.00 to $11.00 and set an "outperform" rating on the stock in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating, According to MarketBeat, Larimar Therapeutics has an average rating of "Buy" and a consensus target price of $16.71.

Larimar Therapeutics Trading Up 6.3%

LRMR stock opened at $4.41 on Thursday. The company has a 50-day moving average price of $3.90 and a 200 day moving average price of $2.97. The stock has a market cap of $365.06 million, a PE ratio of -2.82 and a beta of 1.00. 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 announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.06. Sell-side analysts forecast that Larimar Therapeutics will post -1.15 EPS for the current year.

Insider Activity at Larimar Therapeutics

In related news, Director James E. Flynn purchased 9,375,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were 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 of the company's stock, valued at $30,524,624. The trade was a 5,718.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in Larimar Therapeutics during the fourth quarter worth about $25,000. Savant Capital LLC purchased a new stake in shares of Larimar Therapeutics in the second quarter valued at approximately $39,000. Wealth Enhancement Advisory Services LLC acquired a new position in Larimar Therapeutics during the second quarter worth $44,000. Walleye Capital LLC purchased a new position in Larimar Therapeutics in the first quarter worth $37,000. Finally, Next Level Private LLC purchased a new stake in shares of Larimar Therapeutics in the 2nd quarter worth about $58,000. Hedge funds and other institutional investors 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.

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