Wedbush Raises Larimar Therapeutics (NASDAQ:LRMR) Price Target to $12.00

Larimar Therapeutics (NASDAQ:LRMR) had its price target increased by equities research analysts at Wedbush from $11.00 to $12.00 in a research note issued on Tuesday, Marketbeat.com reports. The firm presently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 120.18% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Leerink Partners raised Larimar Therapeutics to a “strong-buy” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Larimar Therapeutics in a report on Thursday, January 22nd. Lifesci Capital upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 24th. Finally, Citigroup upped their price objective on shares of Larimar Therapeutics from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $16.29.

Larimar Therapeutics Stock Down 1.1%

Shares of Larimar Therapeutics stock opened at $5.45 on Tuesday. The company has a 50-day simple moving average of $3.65 and a two-hundred day simple moving average of $3.83. Larimar Therapeutics has a twelve month low of $1.61 and a twelve month high of $6.42. The stock has a market capitalization of $564.57 million, a price-to-earnings ratio of -2.82 and a beta of 0.91.

Insiders Place Their Bets

In related news, Director James E. Flynn bought 5,000,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were purchased at an average price of $5.00 per share, with a total value of $25,000,000.00. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Larimar Therapeutics

Hedge funds have recently modified their holdings of the company. CWM LLC grew its position in Larimar Therapeutics by 10.3% during the 3rd 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 increased its stake in shares of Larimar Therapeutics by 75.8% in the third quarter. BNP Paribas Financial Markets now owns 10,146 shares of the company’s stock valued at $33,000 after buying 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 buying an additional 4,619 shares during the last quarter. Velan Capital Investment Management LP raised its holdings in Larimar Therapeutics by 17.9% in the 2nd quarter. Velan Capital Investment Management LP now owns 33,000 shares of the company’s stock valued at $95,000 after buying an additional 5,000 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in 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 buying an additional 5,001 shares during the period. Institutional investors and hedge funds own 91.92% of the company’s stock.

Larimar Therapeutics Company Profile

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.