Wedbush Increases Larimar Therapeutics (NASDAQ:LRMR) Price Target to $13.00

Larimar Therapeutics (NASDAQ:LRMR) had its price objective upped by stock analysts at Wedbush from $12.00 to $13.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target would suggest a potential upside of 190.83% from the company’s previous close.

LRMR has been the topic of a number of other reports. Leerink Partners raised shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Monday, January 5th. Citigroup raised their price objective on shares of Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Thursday, January 22nd. Finally, Lifesci Capital raised shares of Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $16.43.

Larimar Therapeutics Price Performance

Larimar Therapeutics stock opened at $4.47 on Friday. Larimar Therapeutics has a 1-year low of $1.61 and a 1-year high of $6.42. The company has a market cap of $463.05 million, a PE ratio of -2.32 and a beta of 0.91. The stock’s 50 day moving average price is $3.93 and its 200 day moving average price is $3.91.

Larimar Therapeutics (NASDAQ:LRMR) last announced its quarterly earnings data on Monday, March 23rd. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.30). On average, equities research analysts anticipate that Larimar Therapeutics will post -1.15 EPS for the current fiscal year.

Insider Buying and Selling at Larimar Therapeutics

In other news, Director James E. Flynn purchased 5,000,000 shares of the business’s stock in a transaction dated Friday, February 27th. The stock was acquired at an average price of $5.00 per share, with a total value of $25,000,000.00. Following the purchase, the director directly owned 10,622,957 shares of the company’s stock, valued at $53,114,785. This represents a 88.92% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd lifted its holdings in shares of Larimar Therapeutics by 127.1% in the fourth quarter. XTX Topco Ltd now owns 118,938 shares of the company’s stock valued at $453,000 after purchasing an additional 66,569 shares in the last quarter. Quadrature Capital Ltd increased its stake in shares of Larimar Therapeutics by 195.4% during the 4th quarter. Quadrature Capital Ltd now owns 57,646 shares of the company’s stock worth $220,000 after purchasing an additional 38,131 shares in the last quarter. Millennium Management LLC increased its stake in shares of Larimar Therapeutics by 7.2% during the 4th quarter. Millennium Management LLC now owns 5,206,364 shares of the company’s stock worth $19,836,000 after purchasing an additional 349,533 shares in the last quarter. Man Group plc acquired a new position in shares of Larimar Therapeutics during the 4th quarter worth approximately $149,000. Finally, Bridgeway Capital Management LLC raised its position in shares of Larimar Therapeutics by 42.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 111,216 shares of the company’s stock worth $424,000 after purchasing an additional 33,000 shares during the last quarter. 91.92% of the stock is currently 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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.