Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Up to $7.36

Larimar Therapeutics, Inc. (NASDAQ:LRMRGet Free Report)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $7.36, but opened at $7.89. Larimar Therapeutics shares last traded at $8.00, with a volume of 619,378 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on LRMR. SVB Leerink began coverage on shares of Larimar Therapeutics in a research report on Wednesday. They set an “outperform” rating and a $25.00 price target for the company. Citigroup boosted 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 reiterated a “market outperform” rating and set a $25.00 price objective on shares of Larimar Therapeutics in a research note on Friday, March 15th. Finally, Lifesci Capital reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday, February 20th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $18.50.

Get Our Latest Analysis on Larimar Therapeutics

Larimar Therapeutics Trading Up 4.9 %

The stock has a market capitalization of $492.54 million, a P/E ratio of -9.26 and a beta of 0.93. The stock’s 50 day simple moving average is $8.84 and its 200 day simple moving average is $5.51.

Insiders Place Their Bets

In other news, Director James E. Flynn acquired 4,290,617 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average price of $8.74 per share, with a total value of $37,499,992.58. Following the acquisition, the director now directly owns 6,151,406 shares in the company, valued at $53,763,288.44. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System purchased a new stake in shares of Larimar Therapeutics in the second quarter worth approximately $27,000. UBS Group AG lifted its position in shares of Larimar Therapeutics by 8,152.8% in the first quarter. UBS Group AG now owns 5,942 shares of the company’s stock worth $27,000 after purchasing an additional 5,870 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Larimar Therapeutics by 4,797.5% in the second quarter. Wells Fargo & Company MN now owns 9,795 shares of the company’s stock worth $31,000 after purchasing an additional 9,595 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Larimar Therapeutics by 836.8% in the third quarter. Tower Research Capital LLC TRC now owns 11,822 shares of the company’s stock worth $38,000 after purchasing an additional 10,560 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Larimar Therapeutics in the third quarter worth approximately $44,000. 91.92% of the stock is currently owned by institutional investors and hedge funds.

Larimar Therapeutics Company Profile

(Get Free Report)

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.

Further Reading

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