Larimar Therapeutics (NASDAQ:LRMR) Stock: Insider Frank Thomas Purchases 8,000 Shares

Larimar Therapeutics, Inc. (NASDAQ:LRMR) Director Frank Thomas purchased 8,000 shares of the business’s stock in a transaction on Wednesday, November 11th. The stock was purchased at an average cost of $2.73 per share, with a total value of $21,840.00. Following the completion of the acquisition, the director owned 15,000 shares in the company, valued at approximately $40,950. This trade represents a 114.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Larimar Therapeutics Trading Down 1.1%

Shares of LRMR traded down $0.03 during mid-day trading on Thursday, reaching $2.70. 1,190,176 shares of the stock traded hands, compared to its average volume of 2,378,292. The firm has a fifty day moving average price of $2.97 and a 200 day moving average price of $3.77. The company has a market cap of $280.48 million, a price-to-earnings ratio of -1.38 and a beta of 0.73. Larimar Therapeutics, Inc. has a 1 year low of $1.91 and a 1 year high of $6.42.

Hedge Funds Weigh In On Larimar Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Larimar Therapeutics in the 2nd quarter worth approximately $17,318,000. AIGH Capital Management LLC bought a new position in shares of Larimar Therapeutics in the 3rd quarter worth $5,911,000. Dimensional Fund Advisors LP raised its position in shares of Larimar Therapeutics by 143.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 798,462 shares of the company’s stock valued at $3,592,000 after buying an additional 470,968 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Larimar Therapeutics by 148.9% during the 1st quarter. Renaissance Technologies LLC now owns 739,942 shares of the company’s stock valued at $3,330,000 after buying an additional 442,676 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in shares of Larimar Therapeutics during the 2nd quarter worth $1,210,000. Hedge funds and other institutional investors own 91.92% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on LRMR shares. Wedbush reissued an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, October 15th. Finally, Leerink Partners assumed coverage on Larimar Therapeutics in a report on Monday, September 14th. They issued an “outperform” rating and a $13.00 price target on the stock. Two investment 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. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $10.33.

About Larimar Therapeutics

Larimar Therapeutics, Inc. is a clinical-stage biotechnology company headquartered in Bala Cynwyd, Pennsylvania, focused on developing treatments for rare diseases. Its lead drug candidate is nomlabofusp, formerly known as CTI-1601, an engineered fusion protein designed to deliver frataxin to mitochondria. Nomlabofusp is being developed to treat Friedreich’s ataxia, a rare, inherited neurodegenerative disorder associated with insufficient frataxin. Larimar’s approach uses a cell-penetrating peptide to transport frataxin into cells and mitochondria, with the goal of addressing an underlying cause of the disease rather than only treating its symptoms.