Larimar Therapeutics (NASDAQ:LRMR) Stock Price Up 8.2% After Analyst Upgrade

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares shot up 8.2% on Friday after Wedbush raised their price target on the stock from $12.00 to $13.00. Wedbush currently has an outperform rating on the stock. Larimar Therapeutics traded as high as $4.83 and last traded at $4.8350. 1,065,757 shares were traded during mid-day trading, a decline of 76% from the average session volume of 4,496,090 shares. The stock had previously closed at $4.47.

A number of other brokerages have also recently commented on LRMR. Leerink Partners upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, January 22nd. Citigroup lifted their price target on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Finally, Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Larimar Therapeutics currently has a consensus rating of “Buy” and an average price target of $16.43.

Insider Buying and Selling at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn purchased 5,000,000 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was purchased at an average price of $5.00 per share, for a total transaction of $25,000,000.00. Following the transaction, the director owned 10,622,957 shares in the company, valued at $53,114,785. The trade was a 88.92% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Deerfield Management Company L.P. increased its stake in shares of Larimar Therapeutics by 44.2% during the third quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company’s stock valued at $98,861,000 after buying an additional 9,375,000 shares during the period. Opaleye Management Inc. increased its position in Larimar Therapeutics by 114.7% during the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company’s stock valued at $11,878,000 after purchasing an additional 2,195,923 shares during the period. Woodline Partners LP raised its holdings in Larimar Therapeutics by 160.6% in the 3rd quarter. Woodline Partners LP now owns 1,622,850 shares of the company’s stock worth $5,242,000 after purchasing an additional 1,000,168 shares in the last quarter. AIGH Capital Management LLC lifted its position in shares of Larimar Therapeutics by 100.0% in the 4th quarter. AIGH Capital Management LLC now owns 2,000,000 shares of the company’s stock worth $7,620,000 after purchasing an additional 1,000,000 shares during the period. Finally, Blue Owl Capital Holdings LP lifted its position in shares of Larimar Therapeutics by 16.6% in the 4th quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company’s stock worth $25,998,000 after purchasing an additional 970,650 shares during the period. 91.92% of the stock is owned by hedge funds and other institutional investors.

Larimar Therapeutics Trading Up 8.4%

The business’s 50 day moving average price is $3.93 and its two-hundred day moving average price is $3.91. The stock has a market cap of $502.00 million, a P/E ratio of -2.55 and a beta of 0.91.

Larimar Therapeutics (NASDAQ:LRMR) last announced its quarterly earnings data on Monday, March 23rd. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.30). As a group, analysts expect that Larimar Therapeutics, Inc. will post -1.15 earnings per share for the current year.

About Larimar Therapeutics

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.