Larimar Therapeutics (NASDAQ:LRMR) Trading 8.4% Higher

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LRMR. SVB Leerink initiated coverage on Larimar Therapeutics in a research note on Wednesday, April 3rd. They issued an “outperform” rating and a $25.00 target price on the stock. Citigroup boosted their price objective on shares of Larimar Therapeutics from $10.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Larimar Therapeutics in a research note on Friday, May 31st. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Larimar Therapeutics in a research report on Wednesday, April 3rd. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $21.33.

Larimar Therapeutics Trading Down 1.0 %

The company has a market cap of $486.79 million, a PE ratio of -7.95 and a beta of 1.01. The firm has a 50 day moving average of $7.87 and a two-hundred day moving average of $7.47.

Larimar Therapeutics (NASDAQ:LRMR) last issued its earnings results on Thursday, May 9th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). On average, research analysts forecast that Larimar Therapeutics, Inc. will post -1.29 EPS for the current year.

Hedge Funds Weigh In On Larimar Therapeutics

Hedge funds have recently bought and sold shares of the business. RA Capital Management L.P. purchased a new position in shares of Larimar Therapeutics during 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 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. grew its position in 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 buying an additional 912,458 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Larimar Therapeutics during the 1st quarter worth $4,829,000. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Larimar Therapeutics by 80.6% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock worth $4,648,000 after purchasing an additional 525,000 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.