Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Up - Here's Why

Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $7.78, but opened at $8.19. Larimar Therapeutics shares last traded at $7.90, with a volume of 65,375 shares.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LRMR. Baird R W raised Larimar Therapeutics to a "strong-buy" rating in a report on Wednesday, September 4th. HC Wainwright initiated coverage on Larimar Therapeutics in a report on Wednesday, October 2nd. They set a "buy" rating and a $15.00 price objective on the stock. Robert W. Baird initiated coverage on Larimar Therapeutics in a research report on Wednesday, September 4th. They issued an "outperform" rating and a $16.00 price objective for the company. Oppenheimer assumed coverage on shares of Larimar Therapeutics in a research report on Wednesday, October 16th. They set an "outperform" rating and a $26.00 target price on the stock. Finally, Wedbush began coverage on shares of Larimar Therapeutics in a report on Thursday, October 3rd. They issued an "outperform" rating and a $22.00 price target for the company. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Larimar Therapeutics presently has an average rating of "Buy" and an average target price of $20.43.

Larimar Therapeutics Trading Up 8.7 %

The stock's 50 day moving average is $7.32 and its 200 day moving average is $7.80. The stock has a market capitalization of $539.81 million, a price-to-earnings ratio of -7.64 and a beta of 0.98.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) 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). On average, sell-side analysts anticipate that Larimar Therapeutics, Inc. will post -1.38 EPS for the current year.

Institutional Trading of Larimar Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. RA Capital Management L.P. acquired a new position in Larimar Therapeutics in the 1st quarter valued at about $45,884,000. Janus Henderson Group PLC raised its position in shares of Larimar Therapeutics by 52.2% in the first 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 during the last quarter. Vanguard Group Inc. lifted its stake in shares of Larimar Therapeutics by 62.7% during the first quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company's stock valued at $17,971,000 after buying an additional 912,458 shares during the period. Millennium Management LLC boosted its position in Larimar Therapeutics by 30.2% during the second quarter. Millennium Management LLC now owns 1,018,135 shares of the company's stock worth $7,381,000 after acquiring an additional 235,865 shares during the last quarter. Finally, Driehaus Capital Management LLC grew its stake 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 during the period. 91.92% of the stock is currently owned by hedge funds and other institutional investors.

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.