Wedbush Cuts Larimar Therapeutics (NASDAQ:LRMR) Price Target to $11.00

Larimar Therapeutics (NASDAQ:LRMR) had its price objective reduced by equities research analysts at Wedbush from $12.00 to $11.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective suggests a potential upside of 167.64% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of Larimar Therapeutics in a research note on Wednesday, May 27th. They set an “overweight” rating and a $9.00 price objective on the stock. Citigroup reaffirmed a “buy” rating on shares of Larimar Therapeutics in a research note on Tuesday, June 30th. Robert W. Baird cut their price target on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Friday, July 17th. Finally, Wall Street Zen raised Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $12.57.

Larimar Therapeutics Trading Up 3.3%

Shares of LRMR stock opened at $4.11 on Wednesday. The company has a market capitalization of $426.95 million, a price-to-earnings ratio of -2.00 and a beta of 0.81. The firm has a 50-day moving average price of $3.60 and a 200 day moving average price of $3.97. Larimar Therapeutics has a twelve month low of $2.71 and a twelve month high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.08. As a group, research analysts predict that Larimar Therapeutics will post -1.65 earnings per share for the current year.

Insider Transactions at Larimar Therapeutics

In other Larimar Therapeutics news, Director Thomas Edward Hamilton bought 50,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were acquired at an average price of $3.34 per share, with a total value of $167,000.00. Following the purchase, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. The trade was a 7.52% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LRMR. BNP Paribas Financial Markets grew its stake in shares of Larimar Therapeutics by 75.8% in the third 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 in the last quarter. American Century Companies Inc. lifted its position in Larimar Therapeutics by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after acquiring an additional 5,001 shares in the last quarter. Sei Investments Co. lifted its position in Larimar Therapeutics by 54.5% during the 1st quarter. Sei Investments Co. now owns 16,336 shares of the company’s stock worth $74,000 after acquiring an additional 5,763 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Larimar Therapeutics by 26.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,008 shares of the company’s stock worth $111,000 after acquiring an additional 6,038 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Larimar Therapeutics by 17.0% in the 1st quarter. Bank of America Corp DE now owns 47,359 shares of the company’s stock worth $213,000 after acquiring an additional 6,886 shares during the period. Institutional investors and hedge funds 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.