Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Down to $8.56

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.56, but opened at $8.25. Larimar Therapeutics shares last traded at $8.41, with a volume of 105,676 shares.

Analyst Ratings Changes

A number of brokerages have weighed in on LRMR. Citigroup upped their price objective on shares of Larimar Therapeutics from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. SVB Leerink initiated coverage on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. They issued an “outperform” rating and a $25.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of Larimar Therapeutics in a research note on Friday, May 31st. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.33.

Larimar Therapeutics Price Performance

The company has a market cap of $535.28 million, a P/E ratio of -8.65 and a beta of 1.01. The stock’s 50-day moving average is $8.61 and its two-hundred day moving average is $8.14.

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

Institutional Trading of Larimar Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC purchased a new stake in shares of Larimar Therapeutics in the first quarter worth $106,000. SG Americas Securities LLC increased its stake in shares of Larimar Therapeutics by 27.3% in the fourth quarter. SG Americas Securities LLC now owns 14,159 shares of the company’s stock worth $64,000 after purchasing an additional 3,039 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Larimar Therapeutics in the first quarter worth $133,000. Bank of New York Mellon Corp increased its stake in shares of Larimar Therapeutics by 57.2% in the second quarter. Bank of New York Mellon Corp now owns 134,877 shares of the company’s stock worth $978,000 after purchasing an additional 49,102 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Larimar Therapeutics in the first quarter worth $4,829,000. 91.92% of the stock is owned by hedge funds and other institutional investors.

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.