Larimar Therapeutics (NASDAQ:LRMR) Issues Earnings Results

Larimar Therapeutics (NASDAQ:LRMR) announced its quarterly earnings results on Thursday. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.22, FiscalAI reports.

Larimar Therapeutics Stock Performance

LRMR traded down $0.21 during trading on Thursday, reaching $3.90. The stock had a trading volume of 3,198,736 shares, compared to its average volume of 3,311,158. The business has a 50-day moving average of $4.68 and a 200-day moving average of $4.00. Larimar Therapeutics has a one year low of $1.73 and a one year high of $6.42. The stock has a market cap of $404.61 million, a PE ratio of -1.76 and a beta of 0.91.

Insider Activity

In other news, Director James E. Flynn acquired 5,000,000 shares of the business’s stock in a transaction dated Friday, February 27th. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $25,000,000.00. Following the acquisition, the director owned 10,622,957 shares of the company’s stock, valued at $53,114,785. This trade represents a 88.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.50% of the company’s stock.

Institutional Trading of Larimar Therapeutics

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in Larimar Therapeutics during the first quarter valued at approximately $241,000. Acadian Asset Management LLC bought a new position in shares of Larimar Therapeutics during the 1st quarter valued at $113,000. Rhumbline Advisers raised its position in Larimar Therapeutics by 15.7% in the 1st quarter. Rhumbline Advisers now owns 65,018 shares of the company’s stock worth $140,000 after purchasing an additional 8,818 shares during the period. American Century Companies Inc. raised its position in Larimar Therapeutics by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after purchasing an additional 5,001 shares during the period. Finally, Cerity Partners LLC purchased a new stake in Larimar Therapeutics during the second quarter valued at about $636,000. Institutional investors own 91.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LRMR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Tuesday, April 21st. Wedbush increased their price objective on Larimar Therapeutics from $12.00 to $13.00 and gave the stock an “outperform” rating in a research report on Friday, March 20th. Citigroup boosted their target price on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 24th. Finally, Truist Financial raised Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Larimar Therapeutics presently has a consensus rating of “Buy” and an average price target of $16.50.

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.