Larimar Therapeutics (NASDAQ:LRMR) Trading 8.4% Higher

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares shot up 8.4% on Monday . The company traded as high as $7.95 and last traded at $7.86. 186,906 shares were traded during mid-day trading, a decline of 67% from the average session volume of 569,049 shares. The stock had previously closed at $7.25.

Analysts Set New Price Targets

Several research analysts have commented on LRMR shares. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of Larimar Therapeutics in a report on Friday, May 31st. Leerink Partnrs reissued an “outperform” rating on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. SVB Leerink began coverage on Larimar Therapeutics in a research note on Wednesday, April 3rd. They set an “outperform” rating and a $25.00 target price on the stock. Finally, Citigroup raised their price target on shares of Larimar Therapeutics from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $21.33.

Larimar Therapeutics Trading Down 1.0 %

The company has a fifty day moving average price of $7.87 and a 200-day moving average price of $7.47. The firm has a market capitalization of $486.79 million, a price-to-earnings ratio of -7.95 and a beta of 1.01.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). As a group, sell-side analysts predict that Larimar Therapeutics, Inc. will post -1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Larimar Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in LRMR. RA Capital Management L.P. acquired a new stake in shares of Larimar Therapeutics in the first quarter worth $45,884,000. Janus Henderson Group PLC raised 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 purchasing an additional 1,379,900 shares during the last quarter. Vanguard Group Inc. raised its stake in Larimar Therapeutics by 62.7% during the 1st quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company’s stock valued at $17,971,000 after purchasing an additional 912,458 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Larimar Therapeutics in the 1st quarter valued at approximately $4,829,000. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Larimar Therapeutics by 80.6% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock valued at $4,648,000 after purchasing an additional 525,000 shares in the last quarter. 91.92% of the stock is currently owned by institutional investors and hedge funds.

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.