Wedbush Issues Pessimistic Forecast for Larimar Therapeutics (NASDAQ:LRMR) Stock Price

Larimar Therapeutics (NASDAQ:LRMR) had its price objective cut by investment analysts at Wedbush from $13.00 to $12.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price target points to a potential upside of 235.20% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Wall Street Zen upgraded Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday. Truist Financial upgraded Larimar Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Citigroup raised their target price on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Tuesday, April 21st. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.33.

Larimar Therapeutics Price Performance

Shares of LRMR stock opened at $3.58 on Monday. The firm has a market capitalization of $371.90 million, a price-to-earnings ratio of -1.74 and a beta of 0.91. The business has a fifty day moving average of $4.61 and a 200 day moving average of $3.99. Larimar Therapeutics has a 1 year low of $1.80 and a 1 year high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last issued its earnings results on Thursday, May 14th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.22. As a group, equities research analysts expect that Larimar Therapeutics will post -1.68 earnings per share for the current year.

Insider Buying and Selling at Larimar Therapeutics

In related news, Director James E. Flynn acquired 5,000,000 shares of Larimar Therapeutics stock in a transaction on Friday, February 27th. The stock was acquired at an average price of $5.00 per share, for a total transaction of $25,000,000.00. Following the purchase, the director owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. This represents a 88.92% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Deerfield Management Company L.P. raised its stake in shares of Larimar Therapeutics by 44.2% during the 3rd quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company’s stock valued at $98,861,000 after buying an additional 9,375,000 shares during the last quarter. Blue Owl Capital Holdings LP raised its stake in shares of Larimar Therapeutics by 16.6% during the 4th quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company’s stock valued at $25,998,000 after buying an additional 970,650 shares during the last quarter. Millennium Management LLC raised its stake in shares of Larimar Therapeutics by 7.2% during the 4th quarter. Millennium Management LLC now owns 5,206,364 shares of the company’s stock valued at $19,836,000 after buying an additional 349,533 shares during the last quarter. Opaleye Management Inc. raised its stake in shares of Larimar Therapeutics by 114.7% during the 2nd quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company’s stock valued at $11,878,000 after buying an additional 2,195,923 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Larimar Therapeutics by 44.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,087,840 shares of the company’s stock valued at $9,974,000 after buying an additional 945,809 shares during the last quarter. Hedge funds and other institutional investors own 91.92% of the company’s stock.

Larimar Therapeutics Company Profile

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.