Larimar Therapeutics (NASDAQ:LRMR) Sees Unusually-High Trading Volume After Analyst Upgrade

Larimar Therapeutics, Inc. (NASDAQ:LRMR) saw an uptick in trading volume on Wednesday after Citigroup raised their price target on the stock from $10.00 to $14.00. Citigroup currently has a buy rating on the stock. 630,361 shares changed hands during mid-day trading, an increase of 18% from the previous session’s volume of 535,874 shares.The stock last traded at $8.50 and had previously closed at $7.89.

Several other brokerages have also recently issued reports on LRMR. SVB Leerink began coverage on Larimar Therapeutics in a research note on Wednesday, April 3rd. They issued an “outperform” rating and a $25.00 price objective for the company. Lifesci Capital reissued an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday, February 20th. Leerink Partnrs reissued an “outperform” rating on shares of Larimar Therapeutics in a research report on Wednesday, April 3rd. Finally, JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of Larimar Therapeutics in a research report on Tuesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $21.33.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Pale Fire Capital SE acquired a new position in Larimar Therapeutics during the third quarter worth approximately $48,000. EntryPoint Capital LLC acquired a new position in Larimar Therapeutics during the first quarter worth approximately $106,000. SG Americas Securities LLC increased its position in Larimar Therapeutics by 27.3% during the fourth quarter. SG Americas Securities LLC now owns 14,159 shares of the company’s stock worth $64,000 after buying an additional 3,039 shares during the period. Virtu Financial LLC acquired a new position in Larimar Therapeutics during the first quarter worth approximately $133,000. Finally, Fred Alger Management LLC increased its position in Larimar Therapeutics by 22.5% during the third quarter. Fred Alger Management LLC now owns 116,269 shares of the company’s stock worth $459,000 after buying an additional 21,331 shares during the period. Institutional investors and hedge funds own 91.92% of the company’s stock.

Larimar Therapeutics Stock Performance

The firm has a 50-day simple moving average of $7.42 and a 200 day simple moving average of $6.46.

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

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.