Larimar Therapeutics (NASDAQ:LRMR) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Larimar Therapeutics (NASDAQ:LRMR) in a research report issued on Wednesday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $9.00 price target on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 149.65% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Tuesday, April 21st. Citigroup increased their target price on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Wall Street Zen raised Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Wedbush reduced their price objective on Larimar Therapeutics from $13.00 to $12.00 and set an “outperform” rating on the stock in a research report on Monday, May 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Larimar Therapeutics currently has a consensus rating of “Buy” and an average target price of $15.29.

Larimar Therapeutics Stock Up 3.9%

Shares of LRMR stock traded up $0.14 during trading on Wednesday, hitting $3.61. The company had a trading volume of 297,383 shares, compared to its average volume of 3,186,032. The stock’s 50-day moving average is $4.36 and its two-hundred day moving average is $3.97. The stock has a market capitalization of $374.50 million, a price-to-earnings ratio of -1.75 and a beta of 0.91. Larimar Therapeutics has a 52 week low of $1.80 and a 52 week high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last announced its earnings results on Thursday, May 14th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.22. On average, research analysts predict that Larimar Therapeutics will post -1.64 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Larimar Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LRMR. BNP Paribas Financial Markets boosted its position in Larimar Therapeutics by 75.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock valued at $33,000 after buying an additional 4,376 shares during the period. B.O.S.S. Retirement Advisors LLC bought a new position in shares of Larimar Therapeutics during the third quarter valued at about $41,000. SG Americas Securities LLC purchased a new stake in shares of Larimar Therapeutics during the fourth quarter worth about $60,000. Sei Investments Co. boosted its holdings in shares of Larimar Therapeutics by 54.5% during the first quarter. Sei Investments Co. now owns 16,336 shares of the company’s stock worth $74,000 after purchasing an additional 5,763 shares during the period. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Larimar Therapeutics in the third quarter worth about $57,000. 91.92% of the stock is currently owned by institutional investors.

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.