HC Wainwright Initiates Coverage on Larimar Therapeutics (NASDAQ:LRMR)

Equities researchers at HC Wainwright assumed coverage on shares of Larimar Therapeutics (NASDAQ:LRMR) in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $15.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 130.06% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Baird R W upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Robert W. Baird started coverage on Larimar Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $16.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Larimar Therapeutics presently has an average rating of “Buy” and a consensus price target of $19.50.

Larimar Therapeutics Price Performance

Shares of NASDAQ:LRMR opened at $6.52 on Wednesday. Larimar Therapeutics has a 12 month low of $2.18 and a 12 month high of $13.68. The company’s 50-day moving average price is $7.52 and its two-hundred day moving average price is $7.82.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings results 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). On average, sell-side analysts expect that Larimar Therapeutics will post -1.4 EPS for the current fiscal year.

Institutional Trading of Larimar Therapeutics

A number of hedge funds have recently modified their holdings of the company. RA Capital Management L.P. bought a new stake in Larimar Therapeutics in the first quarter valued at approximately $45,884,000. Janus Henderson Group PLC increased its position in shares of Larimar Therapeutics by 52.2% in the 1st quarter. Janus Henderson Group PLC now owns 4,020,965 shares of the company’s stock valued at $30,459,000 after buying an additional 1,379,900 shares in the last quarter. Vanguard Group Inc. raised 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. Driehaus Capital Management LLC lifted its holdings in Larimar Therapeutics by 20.8% during the second 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. Finally, Millennium Management LLC grew its stake in Larimar Therapeutics by 30.2% in the second quarter. Millennium Management LLC now owns 1,018,135 shares of the company’s stock valued at $7,381,000 after acquiring an additional 235,865 shares during the period. 91.92% of the stock is currently owned by institutional investors and hedge funds.

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.