Larimar Therapeutics (NASDAQ:LRMR) Coverage Initiated at Wedbush

Wedbush initiated coverage on shares of Larimar Therapeutics (NASDAQ:LRMR) in a research note issued to investors on Thursday, Briefing.com reports. The brokerage set an “outperform” rating and a $22.00 price target on the stock. Wedbush’s price target points to a potential upside of 249.76% from the stock’s previous close.

LRMR has been the topic of several other research reports. Robert W. Baird assumed coverage on Larimar Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $16.00 price target on the stock. HC Wainwright assumed coverage on Larimar Therapeutics in a report on Wednesday. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Baird R W upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Eight investment 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, Larimar Therapeutics has an average rating of “Buy” and an average price target of $19.50.

Larimar Therapeutics Price Performance

NASDAQ LRMR opened at $6.29 on Thursday. The business has a 50 day simple moving average of $7.58 and a 200 day simple moving average of $7.83. Larimar Therapeutics has a one year low of $2.18 and a one year high of $13.68. The stock has a market capitalization of $401.36 million, a P/E ratio of -6.48 and a beta of 0.99.

Larimar Therapeutics (NASDAQ:LRMR) last released its earnings results on Wednesday, August 7th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Equities analysts expect that Larimar Therapeutics will post -1.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LRMR. RA Capital Management L.P. bought a new position in shares of Larimar Therapeutics in the first quarter valued at approximately $45,884,000. Janus Henderson Group PLC increased its position in shares of Larimar Therapeutics by 52.2% during the first 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 during the last quarter. Vanguard Group Inc. increased its position in shares of Larimar Therapeutics by 62.7% during the first quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company’s stock valued at $17,971,000 after acquiring an additional 912,458 shares during the last quarter. Millennium Management LLC increased its position in shares of Larimar Therapeutics by 30.2% during the second quarter. Millennium Management LLC now owns 1,018,135 shares of the company’s stock valued at $7,381,000 after acquiring an additional 235,865 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its position in shares of Larimar Therapeutics by 20.8% during the second quarter. Driehaus Capital Management LLC now owns 1,314,106 shares of the company’s stock valued at $9,527,000 after acquiring an additional 225,879 shares during the last quarter. 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.