Larimar Therapeutics (NASDAQ:LRMR) Upgraded by Truist Financial to “Strong-Buy” Rating

Truist Financial upgraded shares of Larimar Therapeutics (NASDAQ:LRMR) to a strong-buy rating in a research report released on Wednesday,Zacks.com reports.

A number of other research firms also recently commented on LRMR. Leerink Partners raised Larimar Therapeutics to a “strong-buy” rating in a report on Monday, January 5th. Lifesci Capital raised shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 24th. Citigroup increased their price target on shares of Larimar Therapeutics from $12.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Larimar Therapeutics in a research note on Thursday, January 22nd. Finally, Wedbush boosted their price objective on shares of Larimar Therapeutics from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Larimar Therapeutics has an average rating of “Buy” and an average target price of $16.50.

Larimar Therapeutics Trading Up 2.4%

Shares of LRMR stock opened at $4.68 on Wednesday. The company has a market cap of $486.16 million, a price-to-earnings ratio of -2.12 and a beta of 0.91. The stock has a 50 day simple moving average of $4.03 and a 200-day simple moving average of $3.94. Larimar Therapeutics has a 12-month low of $1.61 and a 12-month high of $6.42.

Larimar Therapeutics (NASDAQ:LRMR) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.30). On average, equities analysts forecast that Larimar Therapeutics will post -1.15 earnings per share for the current fiscal year.

Insider Activity

In other news, Director James E. Flynn purchased 5,000,000 shares of the stock in a transaction dated 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 directly 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of LRMR. CWM LLC boosted its position in Larimar Therapeutics by 10.3% during the third quarter. CWM LLC now owns 36,013 shares of the company’s stock worth $116,000 after acquiring an additional 3,361 shares during the last quarter. BNP Paribas Financial Markets grew its stake in 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 period. Wealth Enhancement Advisory Services LLC raised its holdings in Larimar Therapeutics by 33.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,248 shares of the company’s stock valued at $59,000 after acquiring an additional 4,619 shares during the last quarter. Velan Capital Investment Management LP lifted its stake in shares of Larimar Therapeutics by 17.9% during the 2nd quarter. Velan Capital Investment Management LP now owns 33,000 shares of the company’s stock worth $95,000 after purchasing an additional 5,000 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Larimar Therapeutics by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 69,285 shares of the company’s stock worth $200,000 after purchasing an additional 5,001 shares during the period. Hedge funds and other institutional investors own 91.92% of the company’s stock.

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.