Larimar Therapeutics (NASDAQ:LRMR) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Larimar Therapeutics (NASDAQ:LRMR) issued its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.08, FiscalAI reports.

Larimar Therapeutics Stock Up 3.4%

Shares of LRMR stock traded up $0.14 during trading hours on Wednesday, hitting $4.25. 330,560 shares of the company’s stock traded hands, compared to its average volume of 2,882,741. Larimar Therapeutics has a 12-month low of $2.71 and a 12-month high of $6.42. The stock has a market cap of $441.49 million, a price-to-earnings ratio of -2.06 and a beta of 0.81. The stock’s fifty day simple moving average is $3.60 and its two-hundred day simple moving average is $3.97.

Insider Buying and Selling

In related news, Director Thomas Edward Hamilton bought 50,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were purchased at an average cost of $3.34 per share, with a total value of $167,000.00. Following the completion of the purchase, the director owned 714,798 shares in the company, valued at approximately $2,387,425.32. The trade was a 7.52% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.00% of the company’s stock.

Institutional Trading of Larimar Therapeutics

Several institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in shares of Larimar Therapeutics in the first quarter worth approximately $241,000. Acadian Asset Management LLC purchased a new position in Larimar Therapeutics in the 1st quarter worth approximately $113,000. Rhumbline Advisers lifted its position in Larimar Therapeutics by 15.7% in 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 in the last quarter. American Century Companies Inc. lifted its position in Larimar Therapeutics by 7.8% in 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 in the last quarter. Finally, Cerity Partners LLC purchased a new stake in Larimar Therapeutics during the 2nd quarter valued at $636,000. 91.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LRMR has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a research report on Friday, July 17th. Wedbush reduced 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 report on Wednesday. Wall Street Zen upgraded shares of Larimar Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Robert W. Baird decreased their price target on shares of 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, Citigroup restated a “buy” rating on shares of Larimar Therapeutics in a report on Tuesday, June 30th. 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 company’s stock. According to MarketBeat, Larimar Therapeutics has an average rating of “Buy” and a consensus target price of $12.57.

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.