Larimar Therapeutics (NASDAQ:LRMR) Trading Down 4.7%

Larimar Therapeutics, Inc. (NASDAQ:LRMR)’s stock price traded down 4.7% on Friday . The company traded as low as $8.35 and last traded at $8.48. 192,128 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 527,907 shares. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Larimar Therapeutics in a report on Friday, May 31st. Baird R W raised shares of Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday. Citigroup boosted their price target on shares of Larimar Therapeutics from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Finally, Robert W. Baird assumed coverage on shares of Larimar Therapeutics in a report on Wednesday. They issued an “outperform” rating and a $16.00 price target on the stock. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Larimar Therapeutics presently has an average rating of “Buy” and a consensus price target of $20.00.

Larimar Therapeutics Price Performance

The firm has a market capitalization of $506.59 million, a PE ratio of -8.31 and a beta of 0.99. The company’s fifty day simple moving average is $8.37 and its 200 day simple moving average is $8.38.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02). On average, analysts anticipate that Larimar Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Larimar Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. purchased a new stake in Larimar Therapeutics during the first quarter valued at about $45,884,000. Janus Henderson Group PLC lifted its holdings in shares of Larimar Therapeutics by 52.2% in the first quarter. Janus Henderson Group PLC now owns 4,020,965 shares of the company’s stock worth $30,459,000 after buying an additional 1,379,900 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Larimar Therapeutics by 62.7% in the first quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company’s stock worth $17,971,000 after buying an additional 912,458 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Larimar Therapeutics by 20.8% in the second quarter. Driehaus Capital Management LLC now owns 1,314,106 shares of the company’s stock worth $9,527,000 after buying an additional 225,879 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Larimar Therapeutics by 30.2% in the second quarter. Millennium Management LLC now owns 1,018,135 shares of the company’s stock worth $7,381,000 after buying an additional 235,865 shares in the last quarter. 91.92% of the stock is owned by hedge funds and other institutional investors.

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.