Larimar Therapeutics (NASDAQ:LRMR) Stock: Insider Frank Thomas Acquires 8,000 Shares

Larimar Therapeutics, Inc. (NASDAQ:LRMR) Director Frank Thomas acquired 8,000 shares of Larimar Therapeutics stock in a transaction on Wednesday, November 11th. The stock was purchased at an average cost of $2.73 per share, with a total value of $21,840.00. Following the completion of the transaction, the director directly owned 15,000 shares in the company, valued at $40,950. This represents a 114.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Larimar Therapeutics Stock Performance

Shares of Larimar Therapeutics stock traded up $0.32 during mid-day trading on Friday, hitting $3.02. 2,531,459 shares of the stock were exchanged, compared to its average volume of 1,257,255. Larimar Therapeutics, Inc. has a 12 month low of $1.91 and a 12 month high of $6.42. The company has a 50-day simple moving average of $2.93 and a 200 day simple moving average of $3.76. The company has a market capitalization of $313.72 million, a P/E ratio of -1.55 and a beta of 0.73.

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

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC bought a new position in shares of Larimar Therapeutics in the second quarter valued at approximately $27,000. Pallas Capital Advisors LLC purchased a new stake in Larimar Therapeutics in the 2nd quarter worth approximately $31,000. HB Wealth Management LLC purchased a new stake in Larimar Therapeutics in the 2nd quarter worth approximately $49,000. Sei Investments Co. lifted its stake in Larimar Therapeutics by 54.5% in the 1st quarter. Sei Investments Co. now owns 16,336 shares of the company’s stock worth $74,000 after purchasing an additional 5,763 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Larimar Therapeutics in the 2nd quarter valued at $60,000. Institutional investors own 91.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LRMR. Wall Street Zen downgraded Larimar Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday. Wedbush reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Tuesday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, October 15th. Finally, Leerink Partners assumed coverage on shares of Larimar Therapeutics in a research report on Monday, September 14th. They set an “outperform” rating and a $13.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $10.33.

Larimar Therapeutics Company Profile

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.