Larimar Therapeutics (NASDAQ:LRMR) Research Coverage Started at Leerink Partners

Leerink Partners initiated coverage on shares of Larimar Therapeutics (NASDAQ:LRMR) in a research note released on Monday morning, Marketbeat reports. The firm issued an outperform rating and a $13.00 price target on the stock.

Other analysts have also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Friday, July 17th. Robert W. Baird reduced their price objective on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Citigroup restated a “buy” rating on shares of Larimar Therapeutics in a research report on Tuesday, June 30th. HC Wainwright initiated coverage on Larimar Therapeutics in a research note on Thursday, July 2nd. They set a “buy” rating and a $10.00 price objective for the company. Finally, Wedbush dropped their target price on Larimar Therapeutics from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Larimar Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $11.86.

Larimar Therapeutics Stock Up 0.5%

Shares of NASDAQ:LRMR opened at $3.93 on Monday. Larimar Therapeutics has a fifty-two week low of $2.71 and a fifty-two week high of $6.42. The firm has a 50-day simple moving average of $3.99 and a 200 day simple moving average of $4.10. The company has a market cap of $408.25 million, a PE ratio of -2.02 and a beta of 0.74.

Larimar Therapeutics (NASDAQ:LRMR) last issued its earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.08. As a group, research analysts forecast that Larimar Therapeutics will post -1.5 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas Hamilton purchased 50,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were bought at an average cost of $3.34 per share, for a total transaction of $167,000.00. Following the transaction, the director owned 714,798 shares of the company’s stock, valued at $2,387,425.32. This represents a 7.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new stake in Larimar Therapeutics during the second quarter worth approximately $27,000. Pallas Capital Advisors LLC bought a new position in Larimar Therapeutics during the 2nd quarter valued at $31,000. HB Wealth Management LLC bought a new position in Larimar Therapeutics during the 2nd quarter valued at $49,000. The Manufacturers Life Insurance Company acquired a new position in shares of Larimar Therapeutics during the 2nd quarter valued at $60,000. Finally, Walleye Trading LLC acquired a new position in shares of Larimar Therapeutics during the 2nd quarter valued at $61,000. 91.92% of the stock is currently owned by institutional investors.

About Larimar Therapeutics

Larimar Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for rare diseases caused by deficiencies in mitochondrial proteins. The company’s platform is designed to use cell-penetrating peptides to transport therapeutic proteins into cells and mitochondria, where they may help restore impaired biological functions.

Larimar’s lead product candidate is nomlabofusp, formerly known as CTI-1601, an investigational protein-replacement therapy for Friedreich ataxia.