Larimar Therapeutics (NASDAQ:LRMR) Trading Up 6%

Larimar Therapeutics, Inc. (NASDAQ:LRMR)’s share price shot up 6% during trading on Monday . The company traded as high as $8.31 and last traded at $8.24. 205,198 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 529,715 shares. The stock had previously closed at $7.77.

Analyst Ratings Changes

LRMR has been the subject of several recent analyst reports. Lifesci Capital restated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday, February 20th. Citigroup raised their price objective on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Larimar Therapeutics in a report on Friday, March 15th. Leerink Partnrs restated an “outperform” rating on shares of Larimar Therapeutics in a research report on Wednesday, April 3rd. Finally, SVB Leerink initiated coverage on shares of Larimar Therapeutics in a research report on Wednesday, April 3rd. They set an “outperform” rating and a $25.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $18.50.

Larimar Therapeutics Trading Down 2.6 %

The stock has a market cap of $505.30 million, a P/E ratio of -9.32 and a beta of 0.96. The company’s fifty day simple moving average is $8.10 and its 200-day simple moving average is $6.11.

Larimar Therapeutics (NASDAQ:LRMR) last issued its earnings results on Thursday, March 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). As a group, analysts expect that Larimar Therapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James E. Flynn bought 4,290,617 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average price of $8.74 per share, for a total transaction of $37,499,992.58. Following the transaction, the director now directly owns 6,151,406 shares of the company’s stock, valued at $53,763,288.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Larimar Therapeutics by 80.6% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock worth $4,648,000 after acquiring an additional 525,000 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Larimar Therapeutics during the third quarter worth $44,000. Fred Alger Management LLC raised its holdings in shares of Larimar Therapeutics by 22.5% in the third quarter. Fred Alger Management LLC now owns 116,269 shares of the company’s stock valued at $459,000 after buying an additional 21,331 shares during the last quarter. Pale Fire Capital SE acquired a new position in Larimar Therapeutics during the 3rd quarter worth about $48,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Larimar Therapeutics in the 1st quarter valued at about $4,829,000. 91.92% of the stock is currently 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.