Larimar Therapeutics, Inc. (NASDAQ:LRMR) Receives Consensus Recommendation of “Buy” from Brokerages

Larimar Therapeutics, Inc. (NASDAQ:LRMR) has earned an average recommendation of “Buy” from the eleven research firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have issued a buy rating and three have assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $12.7143.

Several brokerages have recently weighed in on LRMR. Wedbush decreased their target price on shares of Larimar Therapeutics from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Monday, May 18th. Wall Street Zen raised shares of Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. HC Wainwright began coverage on shares of Larimar Therapeutics in a report on Thursday, July 2nd. They issued a “buy” rating and a $10.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Tuesday, April 21st. Finally, Robert W. Baird lowered their target price on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th.

Larimar Therapeutics Stock Performance

Shares of NASDAQ:LRMR opened at $3.67 on Friday. The business’s 50-day simple moving average is $3.55 and its 200 day simple moving average is $3.94. The company has a market cap of $381.24 million, a P/E ratio of -1.78 and a beta of 0.83. Larimar Therapeutics has a one year low of $2.71 and a one year high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.22. Analysts predict that Larimar Therapeutics will post -1.65 earnings per share for the current year.

Insiders Place Their Bets

In other Larimar Therapeutics news, Director Thomas Edward Hamilton acquired 50,000 shares of the stock in a transaction on Monday, July 6th. The stock was purchased at an average price of $3.34 per share, for a total transaction of $167,000.00. Following the purchase, the director directly owned 714,798 shares in the company, valued at $2,387,425.32. This trade represents a 7.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new stake in shares of Larimar Therapeutics in the first quarter worth $241,000. Acadian Asset Management LLC bought a new position in Larimar Therapeutics during the 1st quarter valued at $113,000. Rhumbline Advisers boosted its stake in Larimar Therapeutics by 15.7% during the 1st quarter. Rhumbline Advisers now owns 65,018 shares of the company’s stock valued at $140,000 after acquiring an additional 8,818 shares during the last quarter. American Century Companies Inc. grew its holdings in Larimar Therapeutics by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after acquiring an additional 5,001 shares in the last quarter. Finally, Cerity Partners LLC acquired a new position in Larimar Therapeutics during the 2nd quarter worth $636,000. 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.