Larimar Therapeutics (NASDAQ:LRMR) Shares Down 8.1% – Should You Sell?

Larimar Therapeutics, Inc. (NASDAQ:LRMR)’s stock price was down 8.1% during trading on Wednesday . The stock traded as low as $8.30 and last traded at $8.31. Approximately 455,966 shares traded hands during trading, a decline of 21% from the average daily volume of 578,798 shares. The stock had previously closed at $9.04.

Analysts Set New Price Targets

A number of research firms have commented on LRMR. Wedbush began coverage on shares of Larimar Therapeutics in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $22.00 price objective on the stock. Baird R W upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Robert W. Baird began coverage on shares of Larimar Therapeutics in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $16.00 price objective on the stock. Oppenheimer began coverage on shares of Larimar Therapeutics in a research note on Wednesday, October 16th. They issued an “outperform” rating and a $26.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Larimar Therapeutics in a research note on Thursday, October 31st. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Larimar Therapeutics has an average rating of “Buy” and an average price target of $20.43.

Larimar Therapeutics Price Performance

The stock’s 50-day moving average is $7.43 and its 200-day moving average is $7.92. The stock has a market cap of $506.65 million, a price-to-earnings ratio of -7.23 and a beta of 0.95.

Larimar Therapeutics (NASDAQ:LRMR) last announced its earnings results on Wednesday, October 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.13. During the same quarter last year, the business posted ($0.21) EPS. Analysts predict that Larimar Therapeutics, Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Larimar Therapeutics

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Larimar Therapeutics by 62.7% during the 1st quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company’s stock worth $17,971,000 after buying an additional 912,458 shares during the period. EntryPoint Capital LLC acquired a new position in Larimar Therapeutics during the 1st quarter worth $106,000. Janus Henderson Group PLC grew its holdings in Larimar Therapeutics by 52.2% during the 1st quarter. Janus Henderson Group PLC now owns 4,020,965 shares of the company’s stock worth $30,459,000 after acquiring an additional 1,379,900 shares in the last quarter. RA Capital Management L.P. acquired a new position in Larimar Therapeutics during the 1st quarter worth $45,884,000. Finally, Virtu Financial LLC acquired a new position in Larimar Therapeutics during the 1st quarter worth $133,000. Hedge funds and other 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.