Larimar Therapeutics (NASDAQ:LRMR) Stock Price Down 8% – Should You Sell?

Larimar Therapeutics, Inc. (NASDAQ:LRMR) was down 8% during trading on Thursday . The company traded as low as $4.96 and last traded at $4.9880. Approximately 1,164,049 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 4,770,472 shares. The stock had previously closed at $5.42.

Analyst Ratings Changes

A number of equities analysts recently weighed in on LRMR shares. Lifesci Capital upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, January 22nd. Wedbush raised their price objective on Larimar Therapeutics from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. Leerink Partners upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Monday, January 5th. Finally, Citigroup lifted their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Larimar Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $16.29.

Larimar Therapeutics Trading Down 8.4%

The company has a market capitalization of $514.32 million, a PE ratio of -2.58 and a beta of 0.91. The stock’s 50-day moving average is $3.81 and its two-hundred day moving average is $3.89.

Insider Buying and Selling at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn purchased 5,000,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average cost of $5.00 per share, with a total value of $25,000,000.00. Following the purchase, the director owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. The trade was a 88.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.50% of the company’s stock.

Institutional Trading of Larimar Therapeutics

A number of institutional investors have recently modified their holdings of LRMR. BNP Paribas Financial Markets raised its position in shares of Larimar Therapeutics by 75.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock valued at $33,000 after purchasing an additional 4,376 shares in the last quarter. Savant Capital LLC bought a new stake in shares of Larimar Therapeutics in the 2nd quarter valued at $39,000. B.O.S.S. Retirement Advisors LLC acquired a new position in shares of Larimar Therapeutics during the 3rd quarter worth approximately $41,000. Coldstream Capital Management Inc. bought a new stake in Larimar Therapeutics during the third quarter worth $57,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Larimar Therapeutics by 33.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 18,248 shares of the company’s stock worth $59,000 after purchasing an additional 4,619 shares during the period. Hedge funds and other institutional investors 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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.