Larimar Therapeutics (NASDAQ:LRMR) Rating Lowered to Hold at Zacks Investment Research

Larimar Therapeutics (NASDAQ:LRMR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports. They presently have a $9.25 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.25% from the company’s previous close.

According to Zacks, “Larimar Therapeutics Inc. is a clinical-stage biotechnology company. It is focused on developing treatments for rare diseases. The company’s lead product consist CTI-1601, which is in clinical stage. Larimar Therapeutics Inc., formerly known as Zafgen Inc., is based in BALA CYNWYD, Pa. “

Separately, JMP Securities reduced their target price on shares of Larimar Therapeutics from $43.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 26th.

Larimar Therapeutics stock opened at $8.39 on Wednesday. The company has a market cap of $128.94 million, a price-to-earnings ratio of -2.40 and a beta of 0.68. The business has a 50-day moving average price of $12.01. Larimar Therapeutics has a 12-month low of $7.00 and a 12-month high of $25.87.

Larimar Therapeutics (NASDAQ:LRMR) last posted its earnings results on Monday, May 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.11. Analysts anticipate that Larimar Therapeutics will post -2.75 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ikarian Capital LLC acquired a new stake in shares of Larimar Therapeutics during the 1st quarter valued at approximately $6,215,000. Millennium Management LLC lifted its stake in Larimar Therapeutics by 859.7% in the 1st quarter. Millennium Management LLC now owns 353,763 shares of the company’s stock worth $5,168,000 after acquiring an additional 316,901 shares in the last quarter. Caas Capital Management LP purchased a new stake in Larimar Therapeutics in the 1st quarter worth about $3,202,000. Silverarc Capital Management LLC acquired a new position in Larimar Therapeutics in the 4th quarter worth about $4,650,000. Finally, BlackRock Inc. increased its holdings in shares of Larimar Therapeutics by 229.8% during the 4th quarter. BlackRock Inc. now owns 222,650 shares of the company’s stock valued at $4,768,000 after acquiring an additional 155,146 shares during the last quarter. 91.87% of the stock is currently owned by institutional investors.

Larimar Therapeutics Company Profile

Larimar Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing treatments for rare diseases. The company's lead product candidate is CTI-1601, which is in Phase 1 clinical trial for the treatment of Friedreich's ataxia, a rare and progressive genetic disease. Larimar Therapeutics, Inc is headquartered in Bala Cynwyd, Pennsylvania.

Featured Article: Holder of Record

Get a free copy of the Zacks research report on Larimar Therapeutics (LRMR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Larimar Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Larimar Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.