Larimar Therapeutics (NASDAQ:LRMR) Now Covered by Leerink Partners

Leerink Partners initiated coverage on shares of Larimar Therapeutics (NASDAQ:LRMR) in a research note issued to investors on Monday. The brokerage set an “outperform” rating and a $13.00 price target on the stock. Leerink Partners’ target price suggests a potential upside of 232.91% from the stock’s current price.

LRMR has been the topic of a number of other reports. JPMorgan Chase & Co. assumed coverage on shares of Larimar Therapeutics in a report on Wednesday, May 27th. They issued an “overweight” rating and a $9.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Friday, July 17th. HC Wainwright initiated coverage on Larimar Therapeutics in a research report on Thursday, July 2nd. They issued a “buy” rating and a $10.00 price target for the company. Citigroup reiterated a “buy” rating on shares of Larimar Therapeutics in a report on Tuesday, June 30th. Finally, Robert W. Baird lowered their target price on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $11.86.

Larimar Therapeutics Price Performance

LRMR traded down $0.01 on Monday, reaching $3.90. The company’s stock had a trading volume of 399,868 shares, compared to its average volume of 2,593,312. The business’s 50 day moving average is $3.96 and its 200 day moving average is $4.12. The stock has a market cap of $405.65 million, a price-to-earnings ratio of -2.02 and a beta of 0.74. Larimar Therapeutics has a 1 year low of $2.71 and a 1 year high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.08. As a group, research analysts forecast that Larimar Therapeutics will post -1.5 earnings per share for the current fiscal year.

Insider Transactions at Larimar Therapeutics

In other news, Director Thomas Hamilton bought 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, with a total value of $167,000.00. Following the completion of the purchase, the director owned 714,798 shares of the company’s stock, valued at approximately $2,387,425.32. This trade represents a 7.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in shares of Larimar Therapeutics by 75.8% in the third 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 during the last quarter. American Century Companies Inc. grew its holdings in shares of Larimar Therapeutics by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock valued at $200,000 after acquiring an additional 5,001 shares in the last quarter. Sei Investments Co. increased its position in shares of Larimar Therapeutics by 54.5% in the first quarter. Sei Investments Co. now owns 16,336 shares of the company’s stock valued at $74,000 after acquiring an additional 5,763 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Larimar Therapeutics by 26.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,008 shares of the company’s stock valued at $111,000 after purchasing an additional 6,038 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Larimar Therapeutics by 17.0% during the 1st quarter. Bank of America Corp DE now owns 47,359 shares of the company’s stock worth $213,000 after purchasing an additional 6,886 shares in the last quarter. 91.92% of the stock is currently owned by institutional investors.

About Larimar Therapeutics

Larimar Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for rare diseases caused by deficiencies in mitochondrial proteins. The company’s platform is designed to use cell-penetrating peptides to transport therapeutic proteins into cells and mitochondria, where they may help restore impaired biological functions.

Larimar’s lead product candidate is nomlabofusp, formerly known as CTI-1601, an investigational protein-replacement therapy for Friedreich ataxia.