Larimar Therapeutics (NASDAQ:LRMR) Stock Breaks Above 50-Day Moving Average - Here's What Happened

Key Points

• Larimar shares rose 11.9% and moved above their 50-day moving average of $2.93, reaching $3.08 before last trading at $3.02 on volume of about 2.53 million shares.
• Company insiders bought 140,810 shares worth approximately $381,955 during the quarter, including purchases by CEO Carole Ben-Maimon and COO John Harlow.
• Analyst sentiment is broadly positive: MarketBeat reports an average Buy rating and a $10.33 average price target, though ratings range from Strong Buy to Sell.

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $2.93 and traded as high as $3.08. Larimar Therapeutics shares last traded at $3.02, with a volume of 2,531,459 shares trading hands.

Larimar Therapeutics News Roundup

These are some of the LRMR news items that stood out recently:

• Positive Sentiment: CEO Carole Ben-Maimon, CFO Michael Celano, COO John B. Jr. Harlow, insider Gopi Shankar, and directors Frank Thomas and Joseph Truitt together purchased 52,810 shares for roughly $195,000. Director Thomas Hamilton separately bought 70,000 shares for $186,900. Insider purchase report Hamilton SEC filing
• Neutral Sentiment: The supplied coverage also notes H.C. Wainwright maintained a Buy rating; no rating change or fresh price-moving catalyst was reported. Analyst rating report

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Larimar Therapeutics in a report on Thursday, October 15th. Leerink Partners started coverage on shares of Larimar Therapeutics in a report on Monday, September 14th. They set an "outperform" rating and a $13.00 price objective on the stock. Wedbush reiterated an "outperform" rating on shares of Larimar Therapeutics in a report on Tuesday. Finally, Wall Street Zen cut shares of Larimar Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $10.33.

Larimar Therapeutics Stock Up 11.9%

The company's 50-day moving average is $2.93 and its two-hundred day moving average is $3.76. The company has a market cap of $313.72 million, a P/E ratio of -1.55 and a beta of 0.73.

Insider Transactions at Larimar Therapeutics

In other news, COO John B. Jr. Harlow acquired 17,800 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were acquired at an average cost of $2.80 per share, for a total transaction of $49,840.00. Following the purchase, the chief operating officer owned 67,800 shares of the company's stock, valued at approximately $189,840. The trade was a 35.60% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Carole Ben-Maimon acquired 18,050 shares of the company's stock in a transaction on Wednesday, November 11th. The shares were acquired at an average cost of $2.77 per share, for a total transaction of $49,998.50. Following the completion of the acquisition, the chief executive officer owned 386,326 shares of the company's stock, valued at approximately $1,070,123.02. The trade was a 4.90% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 140,810 shares of company stock worth $381,955. Insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new stake in Larimar Therapeutics during the 2nd quarter valued at $27,000. Pallas Capital Advisors LLC purchased a new position in shares of Larimar Therapeutics in the second quarter valued at $31,000. HB Wealth Management LLC bought a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at $49,000. The Manufacturers Life Insurance Company bought a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at $60,000. Finally, Walleye Trading LLC purchased a new stake in Larimar Therapeutics during the 2nd quarter worth about $61,000. 91.92% of the stock is currently owned by hedge funds and other institutional investors.

About Larimar Therapeutics

Larimar Therapeutics, Inc. is a clinical-stage biotechnology company headquartered in Bala Cynwyd, Pennsylvania, focused on developing treatments for rare diseases. Its lead drug candidate is nomlabofusp, formerly known as CTI-1601, an engineered fusion protein designed to deliver frataxin to mitochondria. Nomlabofusp is being developed to treat Friedreich's ataxia, a rare, inherited neurodegenerative disorder associated with insufficient frataxin. Larimar's approach uses a cell-penetrating peptide to transport frataxin into cells and mitochondria, with the goal of addressing an underlying cause of the disease rather than only treating its symptoms.

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