Larimar Therapeutics (NASDAQ:LRMR) Trading Up 6%

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR) shot up 6% on Monday . The stock traded as high as $8.31 and last traded at $8.24. 205,198 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 529,715 shares. The stock had previously closed at $7.77.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Lifesci Capital reaffirmed an “outperform” rating on shares of Larimar Therapeutics in a report on Tuesday, February 20th. Citigroup boosted their target price on shares of Larimar Therapeutics from $4.50 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price target on shares of Larimar Therapeutics in a report on Friday, March 15th. Leerink Partnrs reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. Finally, SVB Leerink assumed coverage on Larimar Therapeutics in a research report on Wednesday, April 3rd. They issued an “outperform” rating and a $25.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Larimar Therapeutics presently has an average rating of “Buy” and an average target price of $18.50.

Larimar Therapeutics Price Performance

The firm’s fifty day simple moving average is $8.10 and its 200 day simple moving average is $6.11. The company has a market capitalization of $505.30 million, a PE ratio of -9.32 and a beta of 0.96.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings data on Thursday, March 14th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). On average, equities research analysts anticipate that Larimar Therapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Insider Transactions at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn purchased 4,290,617 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average price of $8.74 per share, for a total transaction of $37,499,992.58. Following the purchase, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Larimar Therapeutics

Several institutional investors have recently modified their holdings of LRMR. Assenagon Asset Management S.A. purchased a new position in shares of Larimar Therapeutics in the first quarter valued at approximately $4,829,000. SG Americas Securities LLC lifted its holdings in Larimar Therapeutics by 27.3% in the 4th quarter. SG Americas Securities LLC now owns 14,159 shares of the company’s stock valued at $64,000 after purchasing an additional 3,039 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Larimar Therapeutics by 80.6% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock worth $4,648,000 after buying an additional 525,000 shares in the last quarter. Fred Alger Management LLC raised its position in shares of Larimar Therapeutics by 22.5% in the third quarter. Fred Alger Management LLC now owns 116,269 shares of the company’s stock valued at $459,000 after buying an additional 21,331 shares during the last quarter. Finally, Pale Fire Capital SE acquired a new position in Larimar Therapeutics during the third quarter worth about $48,000. Institutional investors and hedge funds own 91.92% of the company’s stock.

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.