Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Up – What’s Next?

Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.42, but opened at $7.95. Larimar Therapeutics shares last traded at $7.90, with a volume of 193,535 shares traded.

Analyst Ratings Changes

Several equities research analysts recently commented on LRMR shares. Oppenheimer initiated coverage on Larimar Therapeutics in a report on Wednesday. They set an “outperform” rating and a $26.00 target price on the stock. Baird R W upgraded Larimar Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Robert W. Baird assumed coverage on shares of Larimar Therapeutics in a research note on Wednesday, September 4th. They set an “outperform” rating and a $16.00 price objective on the stock. Wedbush assumed coverage on shares of Larimar Therapeutics in a report on Thursday, October 3rd. They set an “outperform” rating and a $22.00 price target for the company. Finally, HC Wainwright assumed coverage on Larimar Therapeutics in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $15.00 target price on the stock. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Larimar Therapeutics presently has an average rating of “Buy” and an average price target of $20.43.

Larimar Therapeutics Stock Up 6.6 %

The stock has a 50 day simple moving average of $7.29 and a two-hundred day simple moving average of $7.76. The stock has a market capitalization of $504.74 million, a P/E ratio of -7.03 and a beta of 0.98.

Larimar Therapeutics (NASDAQ:LRMR) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). Sell-side analysts predict that Larimar Therapeutics, Inc. will post -1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Larimar Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP increased its holdings in shares of Larimar Therapeutics by 966.7% in the second quarter. Quarry LP now owns 8,000 shares of the company’s stock worth $58,000 after purchasing an additional 7,250 shares during the period. Thoroughbred Financial Services LLC bought a new stake in shares of Larimar Therapeutics during the 2nd quarter valued at $94,000. EntryPoint Capital LLC purchased a new stake in shares of Larimar Therapeutics in the 1st quarter worth approximately $106,000. SG Americas Securities LLC bought a new stake in Larimar Therapeutics during the 3rd quarter valued at about $94,000. Finally, AQR Capital Management LLC bought a new stake in shares of Larimar Therapeutics in the 2nd quarter worth $113,000. Institutional investors own 91.92% of the company’s stock.

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.