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

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares gapped down before the market opened 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 equities research analysts have recently weighed in on LRMR shares. SVB Leerink started coverage on Larimar Therapeutics in a research note on Wednesday, April 3rd. They set an “outperform” rating and a $25.00 price target for the company. Leerink Partnrs reissued an “outperform” rating on shares of Larimar Therapeutics in a research note on Wednesday, April 3rd. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of Larimar Therapeutics in a research note on Friday, May 31st. Finally, Citigroup raised their target price on Larimar Therapeutics from $10.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.33.

Larimar Therapeutics Trading Down 2.0 %

The stock has a market cap of $535.28 million, a price-to-earnings ratio of -8.65 and a beta of 1.01. The stock has a fifty day simple moving average of $8.61 and a 200-day simple moving average of $8.14.

Larimar Therapeutics (NASDAQ:LRMR) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.03). Sell-side analysts forecast that Larimar Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Institutional Trading of Larimar Therapeutics

Several institutional investors have recently modified their holdings of the company. SG Americas Securities LLC grew its holdings in shares of Larimar Therapeutics by 27.3% during the 4th 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. EntryPoint Capital LLC acquired a new stake in shares of Larimar Therapeutics during the 1st quarter worth approximately $106,000. Virtu Financial LLC acquired a new stake in shares of Larimar Therapeutics during the 1st quarter worth approximately $133,000. Bank of New York Mellon Corp grew its holdings in shares of Larimar Therapeutics by 57.2% during the 2nd 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. acquired a new stake in Larimar Therapeutics in the 1st quarter valued at $4,829,000. Institutional investors and hedge funds 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.