Larimar Therapeutics, Inc. (NASDAQ:LRMR) Sees Significant Decrease in Short Interest

Larimar Therapeutics, Inc. (NASDAQ:LRMR) was the target of a significant decline in short interest in February. As of February 27th, there was short interest totaling 7,692,689 shares, a decline of 14.3% from the February 12th total of 8,977,079 shares. Based on an average daily volume of 13,246,649 shares, the days-to-cover ratio is currently 0.6 days. Approximately 7.8% of the shares of the stock are sold short. Approximately 7.8% of the shares of the stock are sold short. Based on an average daily volume of 13,246,649 shares, the days-to-cover ratio is currently 0.6 days.

Larimar Therapeutics Stock Performance

Shares of NASDAQ:LRMR opened at $4.59 on Monday. The firm has a market cap of $475.48 million, a price-to-earnings ratio of -2.38 and a beta of 0.90. The firm has a fifty day moving average price of $3.85 and a 200 day moving average price of $3.90. Larimar Therapeutics has a fifty-two week low of $1.61 and a fifty-two week high of $6.42.

Insiders Place Their Bets

In other news, Director James E. Flynn purchased 5,000,000 shares of the company’s stock in a transaction on Friday, February 27th. The stock was acquired at an average cost of $5.00 per share, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director directly owned 10,622,957 shares in the company, valued at $53,114,785. This trade represents a 88.92% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in shares of Larimar Therapeutics by 75.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock worth $33,000 after acquiring an additional 4,376 shares during the last quarter. B.O.S.S. Retirement Advisors LLC bought a new position in Larimar Therapeutics during the 3rd quarter valued at about $41,000. Savant Capital LLC bought a new position in Larimar Therapeutics during the 2nd quarter valued at about $39,000. SG Americas Securities LLC purchased a new stake in Larimar Therapeutics in the 4th quarter worth about $60,000. Finally, Coldstream Capital Management Inc. bought a new stake in Larimar Therapeutics in the third quarter worth about $57,000. Institutional investors own 91.92% of the company’s stock.

Analyst Upgrades and Downgrades

LRMR has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, January 22nd. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 24th. Leerink Partners raised Larimar Therapeutics to a “strong-buy” rating in a report on Monday, January 5th. Wedbush boosted their price objective on Larimar Therapeutics from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. Finally, Citigroup upped their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $16.29.

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.