Larimar Therapeutics (NASDAQ:LRMR) Stock Price Up 6.8% – Should You Buy?

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shot up 6.8% on Thursday . The company traded as high as $7.85 and last traded at $7.85. 210,725 shares were traded during trading, a decline of 63% from the average session volume of 567,619 shares. The stock had previously closed at $7.35.

Analysts Set New Price Targets

A number of brokerages have commented on LRMR. HC Wainwright initiated coverage on shares of Larimar Therapeutics in a research report on Wednesday, October 2nd. They set a “buy” rating and a $15.00 price target on the stock. Baird R W raised Larimar Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Wedbush assumed coverage on Larimar Therapeutics in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $22.00 price target on the stock. Robert W. Baird began coverage on Larimar Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Oppenheimer initiated coverage on shares of Larimar Therapeutics in a research note on Wednesday, October 16th. They issued an “outperform” rating and a $26.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $20.43.

Larimar Therapeutics Stock Up 7.3 %

The business has a 50-day moving average price of $7.31 and a two-hundred day moving average price of $7.77. The company has a market capitalization of $503.46 million, a price-to-earnings ratio of -6.98 and a beta of 0.98.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.02). On average, sell-side analysts anticipate that Larimar Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Larimar Therapeutics

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Larimar Therapeutics by 62.7% in the first quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company’s stock worth $17,971,000 after purchasing an additional 912,458 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Larimar Therapeutics in the 1st quarter valued at $106,000. Janus Henderson Group PLC lifted its stake in Larimar Therapeutics by 52.2% during the 1st quarter. Janus Henderson Group PLC now owns 4,020,965 shares of the company’s stock valued at $30,459,000 after acquiring an additional 1,379,900 shares in the last quarter. RA Capital Management L.P. bought a new position in Larimar Therapeutics during the 1st quarter valued at $45,884,000. Finally, Virtu Financial LLC purchased a new position in Larimar Therapeutics during the 1st quarter worth $133,000. Institutional investors own 91.92% of the company’s stock.

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.