Larimar Therapeutics (NASDAQ:LRMR) Director Acquires $25,000,000.00 in Stock

Larimar Therapeutics, Inc. (NASDAQ:LRMR) Director James Flynn purchased 5,000,000 shares of the stock in a transaction that occurred 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 acquisition, the director owned 10,622,957 shares in the company, valued at $53,114,785. This represents a 88.92% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Larimar Therapeutics Price Performance

Shares of LRMR traded down $0.08 during midday trading on Monday, hitting $5.23. The stock had a trading volume of 2,318,060 shares, compared to its average volume of 9,091,379. The stock’s 50 day moving average is $3.59 and its 200 day moving average is $3.81. Larimar Therapeutics, Inc. has a 1 year low of $1.61 and a 1 year high of $6.42. The firm has a market cap of $432.94 million, a PE ratio of -2.71 and a beta of 0.90.

Analysts Set New Price Targets

LRMR has been the topic of a number of recent analyst reports. Leerink Partners upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Monday, January 5th. Lifesci Capital raised shares of Larimar Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 24th. Citigroup boosted their price objective on Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Wedbush reissued an “outperform” rating and set a $11.00 target price on shares of Larimar Therapeutics in a research note on Wednesday, February 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, January 22nd. Two equities 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $16.14.

Institutional Investors Weigh In On Larimar Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of LRMR. XTX Topco Ltd grew its stake in Larimar Therapeutics by 127.1% during the fourth quarter. XTX Topco Ltd now owns 118,938 shares of the company’s stock worth $453,000 after buying an additional 66,569 shares during the last quarter. Quadrature Capital Ltd boosted its position in shares of Larimar Therapeutics by 195.4% during the fourth quarter. Quadrature Capital Ltd now owns 57,646 shares of the company’s stock worth $220,000 after buying an additional 38,131 shares during the period. Millennium Management LLC lifted its position in 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 buying an additional 349,533 shares in the last quarter. Man Group plc bought a new position in shares of Larimar Therapeutics in the fourth quarter valued at $149,000. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Larimar Therapeutics by 42.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 111,216 shares of the company’s stock worth $424,000 after acquiring an additional 33,000 shares during the period. 91.92% of the stock is currently owned by 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.