Wedbush Issues Positive Forecast for Larimar Therapeutics (NASDAQ:LRMR) Stock Price

Larimar Therapeutics (NASDAQ:LRMR) had its target price lifted by analysts at Wedbush from $11.00 to $12.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 124.93% from the stock’s previous close.

Several other brokerages have also commented on LRMR. Leerink Partners upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a report on Monday, January 5th. Citigroup boosted their target price on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $16.29.

Larimar Therapeutics Trading Up 2.0%

LRMR traded up $0.11 on Tuesday, hitting $5.34. The company had a trading volume of 742,418 shares, compared to its average volume of 5,128,747. The company’s fifty day moving average price is $3.59 and its 200 day moving average price is $3.81. Larimar Therapeutics has a 1 year low of $1.61 and a 1 year high of $6.42. The firm has a market cap of $441.62 million, a P/E ratio of -2.76 and a beta of 1.00.

Insiders Place Their Bets

In other news, Director James E. Flynn bought 5,000,000 shares of Larimar Therapeutics stock in a transaction that occurred on Friday, February 27th. The shares were purchased at an average price of $5.00 per share, with a total value of $25,000,000.00. Following the completion of the acquisition, the director directly owned 10,622,957 shares in the company, valued at $53,114,785. The trade was a 88.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Larimar Therapeutics

Large investors have recently modified their holdings of the company. Deerfield Management Company L.P. raised its holdings in shares of Larimar Therapeutics by 44.2% in the 3rd quarter. Deerfield Management Company L.P. now owns 30,606,974 shares of the company’s stock valued at $98,861,000 after purchasing an additional 9,375,000 shares in the last quarter. Blue Owl Capital Holdings LP raised its position in shares of Larimar Therapeutics by 16.6% during the 4th quarter. Blue Owl Capital Holdings LP now owns 6,823,690 shares of the company’s stock worth $25,998,000 after acquiring an additional 970,650 shares in the last quarter. Millennium Management LLC raised its position in shares of Larimar Therapeutics by 7.2% during the 4th quarter. Millennium Management LLC now owns 5,206,364 shares of the company’s stock worth $19,836,000 after acquiring an additional 349,533 shares in the last quarter. Opaleye Management Inc. lifted its stake in Larimar Therapeutics by 114.7% during the second quarter. Opaleye Management Inc. now owns 4,110,000 shares of the company’s stock worth $11,878,000 after purchasing an additional 2,195,923 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Larimar Therapeutics by 44.2% in the third quarter. Vanguard Group Inc. now owns 3,087,840 shares of the company’s stock valued at $9,974,000 after purchasing an additional 945,809 shares in the last quarter. 91.92% of the stock is owned by hedge funds and other institutional investors.

About Larimar Therapeutics

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.