Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Up to $7.36

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.36, but opened at $7.89. Larimar Therapeutics shares last traded at $8.00, with a volume of 619,378 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of Larimar Therapeutics in a research note on Friday, March 15th. Citigroup lifted their price target on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the stock a "buy" rating in a research note on Tuesday, February 13th. Lifesci Capital restated an "outperform" rating on shares of Larimar Therapeutics in a research note on Tuesday, February 20th. Finally, SVB Leerink started coverage on shares of Larimar Therapeutics in a research note on Wednesday. They issued an "outperform" rating and a $25.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $18.50.

Larimar Therapeutics Price Performance

The firm's fifty day moving average is $8.84 and its two-hundred day moving average is $5.51. The firm has a market cap of $492.54 million, a price-to-earnings ratio of -9.26 and a beta of 0.93.

Insiders Place Their Bets

In related news, Director James E. Flynn acquired 4,290,617 shares of the business's stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $8.74 per share, for a total transaction of $37,499,992.58. Following the acquisition, the director now owns 6,151,406 shares in the company, valued at $53,763,288.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Verition Fund Management LLC grew its stake in shares of Larimar Therapeutics by 80.0% in the 1st quarter. Verition Fund Management LLC now owns 424,599 shares of the company's stock valued at $1,720,000 after buying an additional 188,764 shares in the last quarter. Golden State Equity Partners grew its stake in shares of Larimar Therapeutics by 21.6% in the 1st quarter. Golden State Equity Partners now owns 30,415 shares of the company's stock valued at $123,000 after buying an additional 5,400 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Larimar Therapeutics by 60.3% in the 1st quarter. Bank of America Corp DE now owns 116,223 shares of the company's stock valued at $471,000 after buying an additional 43,713 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Larimar Therapeutics by 836.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 11,822 shares of the company's stock valued at $38,000 after buying an additional 10,560 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Larimar Therapeutics by 18.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 29,212 shares of the company's stock valued at $93,000 after buying an additional 4,474 shares in the last quarter. Hedge funds and other institutional investors own 91.92% of the company's stock.

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.