Larimar Therapeutics (NASDAQ:LRMR) Announces Earnings Results, Beats Estimates By $0.22 EPS

Larimar Therapeutics (NASDAQ:LRMR) released its quarterly earnings data on Thursday. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.22, FiscalAI reports.

Larimar Therapeutics Stock Down 6.0%

Shares of NASDAQ LRMR traded down $0.25 on Thursday, reaching $3.86. 3,135,254 shares of the company’s stock traded hands, compared to its average volume of 3,310,215. The business’s 50 day simple moving average is $4.68 and its two-hundred day simple moving average is $4.00. Larimar Therapeutics has a 12 month low of $1.73 and a 12 month high of $6.42. The company has a market cap of $400.46 million, a price-to-earnings ratio of -1.74 and a beta of 0.91.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wedbush boosted their price objective on shares of Larimar Therapeutics from $12.00 to $13.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Citigroup raised their target price on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Tuesday, April 21st. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Truist Financial raised Larimar Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Larimar Therapeutics currently has an average rating of “Buy” and an average target price of $16.50.

Insider Activity at Larimar Therapeutics

In related news, Director James E. Flynn purchased 5,000,000 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average price of $5.00 per share, for a total transaction of $25,000,000.00. Following the purchase, the director directly owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. This represents a 88.92% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Larimar Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new position in shares of Larimar Therapeutics during the first quarter valued at $241,000. Acadian Asset Management LLC purchased a new stake in Larimar Therapeutics during the 1st quarter valued at about $113,000. Rhumbline Advisers increased its stake in 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 purchasing an additional 8,818 shares in the last quarter. American Century Companies Inc. increased its stake in Larimar Therapeutics by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock valued at $200,000 after purchasing an additional 5,001 shares in the last quarter. Finally, Cerity Partners LLC purchased a new position in Larimar Therapeutics in the second quarter worth about $636,000. 91.92% of the stock is owned by institutional investors.

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.