Larimar Therapeutics (NASDAQ:LRMR) Issues Earnings Results, Beats Estimates By $0.22 EPS

Larimar Therapeutics (NASDAQ:LRMR) released its quarterly earnings data on Thursday. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.22, FiscalAI reports.

Larimar Therapeutics Trading Down 6.0%

NASDAQ LRMR traded down $0.25 on Thursday, reaching $3.86. 3,135,254 shares of the stock were exchanged, compared to its average volume of 3,310,215. Larimar Therapeutics has a one year low of $1.73 and a one year high of $6.42. The firm has a market capitalization of $400.46 million, a PE ratio of -1.74 and a beta of 0.91. The company’s 50-day simple moving average is $4.68 and its two-hundred day simple moving average is $4.00.

Insider Activity at Larimar Therapeutics

In other news, Director James E. Flynn bought 5,000,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was bought at an average price of $5.00 per share, with a total value of $25,000,000.00. Following the acquisition, the director owned 10,622,957 shares of the company’s stock, valued at approximately $53,114,785. This represents a 88.92% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Larimar Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its holdings in Larimar Therapeutics by 75.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock valued at $33,000 after acquiring an additional 4,376 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Larimar Therapeutics by 7.8% in the second quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after purchasing an additional 5,001 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Larimar Therapeutics by 26.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,008 shares of the company’s stock worth $111,000 after buying an additional 6,038 shares in the last quarter. Barclays PLC lifted its position in shares of Larimar Therapeutics by 10.7% in the fourth quarter. Barclays PLC now owns 78,470 shares of the company’s stock worth $299,000 after buying an additional 7,577 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Larimar Therapeutics by 15.7% during the first quarter. Rhumbline Advisers now owns 65,018 shares of the company’s stock valued at $140,000 after buying an additional 8,818 shares during the last quarter. Institutional investors own 91.92% of the company’s stock.

Analyst Upgrades and Downgrades

LRMR has been the topic of several recent analyst reports. Citigroup increased their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Truist Financial upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Lifesci Capital upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a report on Tuesday, February 24th. Wedbush lifted their target price on shares of Larimar Therapeutics from $12.00 to $13.00 and gave the stock an “outperform” rating in a research report on Friday, March 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Tuesday, April 21st. Three investment 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 company. According to MarketBeat.com, Larimar Therapeutics has a consensus rating of “Buy” and a consensus target price of $16.50.

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.