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

Larimar Therapeutics, Inc. (NASDAQ:LRMR) has received a consensus recommendation of “Buy” from the ten brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, seven have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $11.86.

Several research analysts have recently weighed in on LRMR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Friday, July 17th. Leerink Partners initiated coverage on shares of Larimar Therapeutics in a report on Monday, September 14th. They set an “outperform” rating and a $13.00 price objective on the stock. Wedbush cut their price objective on shares of Larimar Therapeutics from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 5th. Citigroup reaffirmed a “buy” rating on shares of Larimar Therapeutics in a research note on Tuesday, June 30th. Finally, HC Wainwright started coverage on Larimar Therapeutics in a report on Thursday, July 2nd. They set a “buy” rating and a $10.00 target price for the company.

Larimar Therapeutics Price Performance

NASDAQ:LRMR opened at $3.08 on Friday. The business’s 50-day simple moving average is $3.96 and its 200-day simple moving average is $4.01. Larimar Therapeutics has a fifty-two week low of $2.71 and a fifty-two week high of $6.42. The stock has a market capitalization of $319.95 million, a PE ratio of -1.58 and a beta of 0.74.

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 analysts’ consensus estimates of ($0.38) by $0.08. On average, research analysts expect that Larimar Therapeutics will post -1.5 earnings per share for the current year.

Insider Buying and Selling at Larimar Therapeutics

In other news, Director Thomas Hamilton acquired 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was acquired at an average cost of $3.34 per share, for a total transaction of $167,000.00. Following the completion of the acquisition, the director owned 714,798 shares in the company, valued at $2,387,425.32. This represents a 7.52% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Larimar Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of LRMR. Hennion & Walsh Asset Management Inc. bought a new position in shares of Larimar Therapeutics during the 2nd quarter worth approximately $1,210,000. Dimensional Fund Advisors LP lifted its position in shares of Larimar Therapeutics by 143.8% in the first quarter. Dimensional Fund Advisors LP now owns 798,462 shares of the company’s stock worth $3,592,000 after purchasing an additional 470,968 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Larimar Therapeutics by 148.9% in the first quarter. Renaissance Technologies LLC now owns 739,942 shares of the company’s stock worth $3,330,000 after purchasing an additional 442,676 shares in the last quarter. BlackRock Inc. acquired a new position in Larimar Therapeutics during the second quarter worth $17,318,000. Finally, SummitTX Capital L.P. acquired a new position in Larimar Therapeutics during the first quarter worth $1,709,000. Institutional investors and hedge funds own 91.92% of the company’s stock.

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.