Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Up to $7.27

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $7.27, but opened at $8.05. Larimar Therapeutics shares last traded at $8.19, with a volume of 948,989 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LRMR. JMP Securities reaffirmed a "market outperform" rating and set a $25.00 price target on shares of Larimar Therapeutics in a report on Tuesday. Lifesci Capital reaffirmed an "outperform" rating on shares of Larimar Therapeutics in a report on Tuesday, February 20th. Citigroup raised their price target on 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, April 3rd. Finally, SVB Leerink began coverage on Larimar Therapeutics in a report on Wednesday, April 3rd. They set an "outperform" rating and a $25.00 price target for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $20.00.

Larimar Therapeutics Stock Up 8.5 %

The company has a market cap of $503.40 million, a price-to-earnings ratio of -8.51 and a beta of 0.96. The stock has a fifty day moving average price of $7.49 and a two-hundred day moving average price of $6.41.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last posted its earnings results on Thursday, May 9th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.03). Analysts predict that Larimar Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Larimar Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of LRMR. Virtu Financial LLC acquired a new position in Larimar Therapeutics in the first quarter valued at about $133,000. RA Capital Management L.P. acquired a new position in Larimar Therapeutics in the first quarter valued at about $45,884,000. Janus Henderson Group PLC raised its stake in Larimar Therapeutics by 52.2% in the first quarter. Janus Henderson Group PLC now owns 4,020,965 shares of the company's stock valued at $30,459,000 after purchasing an additional 1,379,900 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Larimar Therapeutics in the first quarter valued at about $106,000. Finally, Vanguard Group Inc. grew its position in Larimar Therapeutics by 62.7% in the first quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company's stock valued at $17,971,000 after acquiring an additional 912,458 shares during the last quarter. 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.