Wedbush Issues Pessimistic Forecast for Larimar Therapeutics (NASDAQ:LRMR) Stock Price

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) had its target price dropped by Wedbush from $17.00 to $15.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's target price indicates a potential upside of 452.49% from the company's previous close.

A number of other equities analysts have also recently issued reports on LRMR. Citigroup restated a "buy" rating on shares of Larimar Therapeutics in a report on Tuesday, March 25th. HC Wainwright raised their target price on shares of Larimar Therapeutics from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Tuesday, March 25th. Robert W. Baird cut their target price on shares of Larimar Therapeutics from $13.00 to $10.00 and set an "outperform" rating for the company in a research report on Tuesday, March 25th. Finally, Guggenheim restated a "buy" rating and set a $26.00 price target on shares of Larimar Therapeutics in a report on Tuesday. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $18.50.

Larimar Therapeutics Price Performance

Shares of NASDAQ:LRMR opened at $2.72 on Tuesday. The stock has a market cap of $173.84 million, a price-to-earnings ratio of -1.86 and a beta of 0.79. Larimar Therapeutics has a 12 month low of $1.61 and a 12 month high of $11.20. The stock's 50 day moving average price is $2.32 and its 200 day moving average price is $2.96.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.04). On average, sell-side analysts expect that Larimar Therapeutics will post -1.15 EPS for the current year.

Hedge Funds Weigh In On Larimar Therapeutics

A number of hedge funds have recently modified their holdings of LRMR. Fi3 FINANCIAL ADVISORS LLC grew its stake in Larimar Therapeutics by 16.7% during the fourth quarter. Fi3 FINANCIAL ADVISORS LLC now owns 23,798 shares of the company's stock worth $92,000 after buying an additional 3,411 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Larimar Therapeutics by 12.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 35,525 shares of the company's stock valued at $137,000 after buying an additional 3,877 shares during the last quarter. Bank of America Corp DE lifted its position in Larimar Therapeutics by 8.1% during the 4th quarter. Bank of America Corp DE now owns 53,190 shares of the company's stock worth $206,000 after buying an additional 3,980 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in Larimar Therapeutics during the 4th quarter worth about $25,000. Finally, Wells Fargo & Company MN grew its stake in shares of Larimar Therapeutics by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 19,657 shares of the company's stock valued at $76,000 after purchasing an additional 6,701 shares during the last quarter. 91.92% of the stock is owned by institutional investors and hedge funds.

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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