Larimar Therapeutics (NASDAQ:LRMR) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Larimar Therapeutics (NASDAQ:LRMR) issued its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.08, FiscalAI reports.

Larimar Therapeutics Stock Up 2.6%

Shares of LRMR traded up $0.10 during mid-day trading on Thursday, hitting $4.21. 551,863 shares of the company’s stock were exchanged, compared to its average volume of 2,874,945. Larimar Therapeutics has a 52 week low of $2.71 and a 52 week high of $6.42. The stock’s 50-day simple moving average is $3.61 and its 200-day simple moving average is $3.97. The firm has a market cap of $436.83 million, a price-to-earnings ratio of -2.16 and a beta of 0.81.

Insider Activity

In related news, Director Thomas Edward Hamilton purchased 50,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was acquired at an average cost of $3.34 per share, for a total transaction of $167,000.00. Following the completion of the purchase, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. This represents a 7.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Larimar Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new position in Larimar Therapeutics in the 1st quarter valued at $241,000. Acadian Asset Management LLC bought a new stake in shares of Larimar Therapeutics during the 1st quarter valued at $113,000. Rhumbline Advisers lifted its position in shares of Larimar Therapeutics by 15.7% during the 1st quarter. Rhumbline Advisers now owns 65,018 shares of the company’s stock valued at $140,000 after acquiring an additional 8,818 shares during the period. American Century Companies Inc. grew its holdings in shares of 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 purchasing an additional 5,001 shares in the last quarter. Finally, Cerity Partners LLC acquired a new stake in shares of Larimar Therapeutics during the 2nd quarter worth $636,000. Institutional investors own 91.92% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on LRMR shares. HC Wainwright initiated coverage on shares of Larimar Therapeutics in a report on Thursday, July 2nd. They set a “buy” rating and a $10.00 target price for the company. Wall Street Zen upgraded shares of Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. started coverage on Larimar Therapeutics in a report on Wednesday, May 27th. They set an “overweight” rating and a $9.00 price objective for the company. Citigroup reaffirmed a “buy” rating on shares of Larimar Therapeutics in a research report on Tuesday, June 30th. Finally, Robert W. Baird lowered their target price on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 30th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Larimar Therapeutics has a consensus rating of “Buy” and a consensus target price of $12.57.

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. Larimar Therapeutics, Inc is based in Bala Cynwyd, Pennsylvania.