Larimar Therapeutics (NASDAQ:LRMR) Director Buys $21,840.00 in Stock

Larimar Therapeutics, Inc. (NASDAQ:LRMR) Director Frank Thomas acquired 8,000 shares of the company’s stock in a transaction dated Wednesday, November 11th. The stock was acquired at an average price of $2.73 per share, for a total transaction of $21,840.00. Following the completion of the purchase, the director directly owned 15,000 shares of the company’s stock, valued at $40,950. This trade represents a 114.29% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Larimar Therapeutics Price Performance

Shares of NASDAQ LRMR traded up $0.32 during trading hours on Friday, hitting $3.02. 2,531,459 shares of the company’s stock were exchanged, compared to its average volume of 1,257,255. The company’s 50-day moving average price is $2.93 and its 200-day moving average price is $3.76. Larimar Therapeutics, Inc. has a 1-year low of $1.91 and a 1-year high of $6.42. The stock has a market capitalization of $313.72 million, a price-to-earnings ratio of -1.55 and a beta of 0.73.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on LRMR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Thursday, October 15th. Leerink Partners started coverage on shares of Larimar Therapeutics in a research note on Monday, September 14th. They issued an “outperform” rating and a $13.00 price objective on the stock. Wall Street Zen lowered shares of Larimar Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Wedbush reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday, November 10th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Larimar Therapeutics has a consensus rating of “Buy” and an average target price of $10.33.

Latest Larimar Therapeutics News

These are some of the LRMR news items that stood out recently:

• Positive Sentiment: CEO Carole Ben-Maimon, CFO Michael Celano, COO John B. Jr. Harlow, insider Gopi Shankar, and directors Frank Thomas and Joseph Truitt together purchased 52,810 shares for roughly $195,000. Director Thomas Hamilton separately bought 70,000 shares for $186,900. Insider purchase report Hamilton SEC filing
• Neutral Sentiment: The supplied coverage also notes H.C. Wainwright maintained a Buy rating; no rating change or fresh price-moving catalyst was reported. Analyst rating report

Institutional Investors Weigh In On Larimar Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in Larimar Therapeutics by 9.1% in the 3rd quarter. Marshall Wace LLP now owns 2,195,954 shares of the company’s stock valued at $7,005,000 after acquiring an additional 183,496 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Larimar Therapeutics during the 3rd quarter worth approximately $268,000. Blue Owl Capital Holdings LP grew its holdings in shares of Larimar Therapeutics by 0.3% during the 3rd quarter. Blue Owl Capital Holdings LP now owns 9,923,904 shares of the company’s stock worth $31,707,000 after purchasing an additional 32,147 shares in the last quarter. AIGH Capital Management LLC acquired a new stake in shares of Larimar Therapeutics during the 3rd quarter worth approximately $5,911,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Larimar Therapeutics during the 2nd quarter worth approximately $160,000. 91.92% of the stock is owned by institutional investors and hedge funds.

About Larimar Therapeutics

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.