Larimar Therapeutics (NASDAQ:LRMR) Trading 8.1% Higher

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares traded up 8.1% during mid-day trading on Thursday . The company traded as high as $7.86 and last traded at $7.86. 160,592 shares were traded during mid-day trading, a decline of 74% from the average session volume of 607,906 shares. The stock had previously closed at $7.27.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Citigroup increased their target price on Larimar Therapeutics from $4.50 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Larimar Therapeutics in a research report on Friday, March 15th. Finally, Lifesci Capital reissued an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday, February 20th.

Larimar Therapeutics Stock Performance

The company has a market cap of $484.24 million, a P/E ratio of -9.04 and a beta of 0.95. The firm has a 50 day moving average price of $8.59 and a two-hundred day moving average price of $5.40.

Insider Activity at Larimar Therapeutics

In other Larimar Therapeutics news, Director James E. Flynn bought 4,290,617 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average price of $8.74 per share, for a total transaction of $37,499,992.58. Following the completion of the acquisition, the director now directly owns 6,151,406 shares in the company, valued at $53,763,288.44. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Larimar Therapeutics

A number of institutional investors have recently modified their holdings of LRMR. UBS Group AG raised its stake in shares of Larimar Therapeutics by 8,152.8% in the first quarter. UBS Group AG now owns 5,942 shares of the company’s stock worth $27,000 after buying an additional 5,870 shares during the period. California State Teachers Retirement System purchased a new position in Larimar Therapeutics during the 2nd quarter valued at approximately $27,000. Wells Fargo & Company MN grew its holdings in Larimar Therapeutics by 4,797.5% during the 2nd quarter. Wells Fargo & Company MN now owns 9,795 shares of the company’s stock valued at $31,000 after buying an additional 9,595 shares in the last quarter. SG Americas Securities LLC purchased a new position in Larimar Therapeutics during the 3rd quarter valued at approximately $44,000. Finally, American Century Companies Inc. purchased a new position in shares of Larimar Therapeutics in the 3rd quarter worth approximately $46,000. 91.92% of the stock is owned by hedge funds and other institutional investors.

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 clinical trial for the treatment of Friedreich's ataxia, a rare, progressive, and fatal genetic disease.