Larimar Therapeutics (NASDAQ:LRMR) Insider Gopi Shankar Acquires 5,000 Shares of Company Stock

Larimar Therapeutics, Inc. (NASDAQ:LRMR) insider Gopi Shankar bought 5,000 shares of the stock in a transaction dated Wednesday, November 11th. The stock was purchased at an average price of $2.71 per share, with a total value of $13,550.00. Following the acquisition, the insider owned 81,443 shares of the company’s stock, valued at $220,710.53. The trade was a 6.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Larimar Therapeutics Stock Performance

Larimar Therapeutics stock opened at $2.70 on Friday. Larimar Therapeutics, Inc. has a fifty-two week low of $1.91 and a fifty-two week high of $6.42. The stock has a market cap of $280.48 million, a PE ratio of -1.38 and a beta of 0.73. The firm’s 50-day simple moving average is $2.95 and its 200 day simple moving average is $3.76.

Institutional Trading of Larimar Therapeutics

A number of large investors have recently bought and sold shares of the company. AIGH Capital Management LLC bought a new stake in shares of Larimar Therapeutics in the third quarter valued at $5,911,000. WINTON GROUP Ltd bought a new position in shares of Larimar Therapeutics during the 2nd quarter worth $160,000. Engineers Gate Manager LP bought a new position in shares of Larimar Therapeutics during the 2nd quarter worth $69,000. Integrated Wealth Concepts LLC purchased a new stake in Larimar Therapeutics in the 2nd quarter worth about $27,000. Finally, Squarepoint Ops LLC purchased a new stake in Larimar Therapeutics in the 2nd quarter worth about $346,000. 91.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, October 15th. Leerink Partners started coverage on Larimar Therapeutics in a report on Monday, September 14th. They set an “outperform” rating and a $13.00 price target on the stock. Finally, Wedbush reissued an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $10.33.

Larimar Therapeutics News Roundup

Here’s some of the latest news about LRMR:

• Positive Sentiment: Six insiders—including CEO Carole Ben-Maimon, CFO Michael Celano and COO John B. Jr. Harlow—purchased a combined 70,810 shares for about $195,000 in transactions at roughly $2.71–$2.80 per share. The purchases increased each buyer’s holdings and may support investor sentiment, though insider buying does not guarantee future performance. CFO purchase filing Insider purchase filing COO purchase filing Director purchase filing Director purchase filing CEO purchase filing
• Neutral Sentiment: H.C. Wainwright kept its Buy rating on Larimar; the report describes no rating change or new catalyst. H.C. Wainwright maintains Buy rating

Larimar Therapeutics Company Profile

Larimar Therapeutics, Inc. is a clinical-stage biotechnology company headquartered in Bala Cynwyd, Pennsylvania, focused on developing treatments for rare diseases. Its lead drug candidate is nomlabofusp, formerly known as CTI-1601, an engineered fusion protein designed to deliver frataxin to mitochondria. Nomlabofusp is being developed to treat Friedreich’s ataxia, a rare, inherited neurodegenerative disorder associated with insufficient frataxin. Larimar’s approach uses a cell-penetrating peptide to transport frataxin into cells and mitochondria, with the goal of addressing an underlying cause of the disease rather than only treating its symptoms.