Larimar Therapeutics, Inc. (NASDAQ:LRMR) Stock Has Average Target Price of $11.86 According to Brokerages

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR) have received a consensus rating of “Buy” from the nine analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $10.33.

LRMR has been the topic of a number of research reports. Leerink Partners initiated coverage on Larimar Therapeutics in a research note on Monday, September 14th. They set an “outperform” rating and a $13.00 price target on the stock. Robert W. Baird dropped their target price on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. HC Wainwright began coverage on shares of Larimar Therapeutics in a report on Thursday, July 2nd. They issued a “buy” rating and a $10.00 target price for the company. Wedbush cut their price target on shares of Larimar Therapeutics from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Friday, July 17th.

Larimar Therapeutics Price Performance

Larimar Therapeutics stock opened at $3.06 on Friday. The firm has a 50 day simple moving average of $3.89 and a 200-day simple moving average of $3.96. The stock has a market cap of $317.87 million, a price-to-earnings ratio of -1.57 and a beta of 0.69. Larimar Therapeutics has a 1-year low of $2.71 and a 1-year high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last posted its 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. Equities analysts expect that Larimar Therapeutics will post -1.5 earnings per share for the current fiscal year.

Insider Transactions at Larimar Therapeutics

In other news, Director Thomas Hamilton purchased 50,000 shares of the business’s stock in a transaction on Monday, July 6th. The shares were bought at an average price of $3.34 per share, with a total value of $167,000.00. Following the completion of the transaction, the director directly owned 714,798 shares in the company, valued at approximately $2,387,425.32. This represents a 7.52% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Larimar Therapeutics

A number of institutional investors have recently modified their holdings of LRMR. Integrated Wealth Concepts LLC acquired a new position in Larimar Therapeutics in the second quarter valued at $27,000. Pallas Capital Advisors LLC acquired a new stake in shares of Larimar Therapeutics during the second quarter worth about $31,000. HB Wealth Management LLC purchased a new position in shares of Larimar Therapeutics during the second quarter worth about $49,000. Sei Investments Co. grew 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 buying an additional 5,763 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Larimar Therapeutics in the 2nd quarter valued at about $60,000. 91.92% of the stock is owned by institutional investors and hedge funds.

Larimar Therapeutics Company Profile

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.