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

Larimar Therapeutics, Inc. (NASDAQ:LRMR) saw unusually-strong trading volume on Thursday . Approximately 305,674 shares changed hands during mid-day trading, a decline of 42% from the previous session’s volume of 523,259 shares.The stock last traded at $8.28 and had previously closed at $7.77.

Analyst Ratings Changes

Several brokerages have commented on LRMR. Robert W. Baird initiated coverage on Larimar Therapeutics in a research report on Wednesday. They set an “outperform” rating and a $16.00 price objective for the company. Citigroup lifted their price target on Larimar Therapeutics from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Baird R W upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Wednesday. Finally, JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Larimar Therapeutics in a research report on Friday, May 31st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $20.00.

Larimar Therapeutics Stock Performance

The stock has a 50-day simple moving average of $8.39 and a two-hundred day simple moving average of $8.35. The firm has a market cap of $513.61 million, a PE ratio of -8.30 and a beta of 0.99.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). As a group, sell-side analysts anticipate that Larimar Therapeutics, Inc. will post -1.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors have recently made changes to their positions in LRMR. Point72 Asset Management L.P. grew its holdings in Larimar Therapeutics by 37.7% during the second quarter. Point72 Asset Management L.P. now owns 603,581 shares of the company’s stock valued at $4,376,000 after purchasing an additional 165,181 shares during the period. Quarry LP grew its stake in shares of Larimar Therapeutics by 966.7% during the 2nd quarter. Quarry LP now owns 8,000 shares of the company’s stock valued at $58,000 after acquiring an additional 7,250 shares during the period. Driehaus Capital Management LLC increased its holdings in Larimar Therapeutics by 20.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,314,106 shares of the company’s stock worth $9,527,000 after acquiring an additional 225,879 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Larimar Therapeutics during the 2nd quarter worth approximately $120,000. Finally, Millennium Management LLC lifted its holdings in Larimar Therapeutics by 30.2% during the second quarter. Millennium Management LLC now owns 1,018,135 shares of the company’s stock valued at $7,381,000 after purchasing an additional 235,865 shares in the last quarter. 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.