SummitTX Capital L.P. Takes Position in Larimar Therapeutics, Inc. $LRMR

SummitTX Capital L.P. acquired a new position in Larimar Therapeutics, Inc. (NASDAQ:LRMR) in the 1st quarter, Holdings Channel reports. The firm acquired 379,765 shares of the company’s stock, valued at approximately $1,709,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LRMR. AQR Capital Management LLC bought a new stake in shares of Larimar Therapeutics during the first quarter valued at approximately $241,000. Acadian Asset Management LLC bought a new position in shares of Larimar Therapeutics in the 1st quarter worth about $113,000. Rhumbline Advisers lifted its position 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 acquiring an additional 8,818 shares during the period. American Century Companies Inc. lifted its position 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 acquiring an additional 5,001 shares during the period. Finally, Cerity Partners LLC bought a new stake in Larimar Therapeutics during the second quarter worth about $636,000. Hedge funds and other institutional investors own 91.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LRMR shares. Wall Street Zen raised shares of Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. HC Wainwright assumed coverage on Larimar Therapeutics in a research report on Thursday, July 2nd. They issued a “buy” rating and a $10.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Friday, July 17th. Robert W. Baird lowered their price objective on Larimar Therapeutics from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. began coverage on Larimar Therapeutics in a report on Wednesday, May 27th. They issued an “overweight” rating and a $9.00 target price on the stock. Three investment 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 stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $12.71.

Larimar Therapeutics Trading Down 5.4%

Shares of LRMR opened at $3.62 on Thursday. The business’s fifty day simple moving average is $3.57 and its two-hundred day simple moving average is $3.95. Larimar Therapeutics, Inc. has a 12 month low of $2.71 and a 12 month high of $6.42. The company has a market cap of $376.25 million, a price-to-earnings ratio of -1.76 and a beta of 0.83.

Larimar Therapeutics (NASDAQ:LRMR) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.22. As a group, research analysts forecast that Larimar Therapeutics, Inc. will post -1.65 EPS for the current year.

Insider Buying and Selling at Larimar Therapeutics

In related news, Director Thomas Edward Hamilton acquired 50,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was purchased at an average cost of $3.34 per share, with a total value of $167,000.00. Following the completion of the acquisition, the director directly owned 714,798 shares of the company’s stock, valued at approximately $2,387,425.32. This trade represents a 7.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.50% of the stock is owned by insiders.

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.