Brokerages Set Larimar Therapeutics, Inc. (NASDAQ:LRMR) Price Target at $18.50

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) have earned an average rating of "Buy" from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued a report on the stock in the last year is $18.50.

Several analysts have recently commented on the stock. Citigroup upped their price objective on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the company a "buy" rating in a report on Tuesday, February 13th. Leerink Partnrs reaffirmed an "outperform" rating on shares of Larimar Therapeutics in a report on Wednesday. SVB Leerink assumed coverage on shares of Larimar Therapeutics in a report on Wednesday. They issued an "outperform" rating and a $25.00 price objective on the stock. Lifesci Capital reaffirmed an "outperform" rating on shares of Larimar Therapeutics in a report on Tuesday, February 20th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 price objective on shares of Larimar Therapeutics in a report on Friday, March 15th.

Larimar Therapeutics Price Performance

NASDAQ:LRMR traded down $0.45 during trading hours on Thursday, hitting $7.27. 365,796 shares of the company were exchanged, compared to its average volume of 607,243. The stock has a market capitalization of $463.83 million, a price-to-earnings ratio of -8.55 and a beta of 0.93. Larimar Therapeutics has a 52-week low of $2.18 and a 52-week high of $13.68. The company's 50 day moving average price is $8.96 and its 200-day moving average price is $5.54.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last released its earnings results on Thursday, March 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). On average, equities analysts predict that Larimar Therapeutics will post -1.17 earnings per share for the current year.

Insider Buying and Selling

In other news, Director James E. Flynn purchased 4,290,617 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were purchased at an average cost of $8.74 per share, with a total value of $37,499,992.58. Following the completion of the acquisition, the director now owns 6,151,406 shares of the company's stock, valued at approximately $53,763,288.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. raised its position in Larimar Therapeutics by 80.6% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company's stock worth $4,648,000 after acquiring an additional 525,000 shares during the period. Prelude Capital Management LLC raised its position in Larimar Therapeutics by 49.7% during the second quarter. Prelude Capital Management LLC now owns 19,013 shares of the company's stock worth $60,000 after acquiring an additional 6,313 shares during the period. Barclays PLC raised its position in Larimar Therapeutics by 91.7% during the second quarter. Barclays PLC now owns 54,232 shares of the company's stock worth $170,000 after acquiring an additional 25,939 shares during the period. SG Americas Securities LLC acquired a new position in Larimar Therapeutics during the third quarter worth $44,000. Finally, Fred Alger Management LLC raised its position in Larimar Therapeutics by 22.5% during the third quarter. Fred Alger Management LLC now owns 116,269 shares of the company's stock worth $459,000 after acquiring an additional 21,331 shares during the period. 91.92% of the stock is currently owned by institutional investors and hedge funds.

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.