Larimar Therapeutics (NASDAQ:LRMR) Trading Up 6.8% - Here's Why

Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR - Get Free Report) rose 6.8% during mid-day trading on Thursday . The stock traded as high as $7.85 and last traded at $7.85. Approximately 210,725 shares traded hands during trading, a decline of 63% from the average daily volume of 567,619 shares. The stock had previously closed at $7.35.

Wall Street Analysts Forecast Growth

LRMR has been the subject of several research analyst reports. Baird R W upgraded shares of Larimar Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 4th. Wedbush started coverage on shares of Larimar Therapeutics in a report on Thursday, October 3rd. They issued an "outperform" rating and a $22.00 price objective for the company. HC Wainwright started coverage on shares of Larimar Therapeutics in a report on Wednesday, October 2nd. They issued a "buy" rating and a $15.00 price objective for the company. Robert W. Baird started coverage on shares of Larimar Therapeutics in a report on Wednesday, September 4th. They issued an "outperform" rating and a $16.00 price objective for the company. Finally, Oppenheimer started coverage on shares of Larimar Therapeutics in a report on Wednesday, October 16th. They issued an "outperform" rating and a $26.00 price objective for the company. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Larimar Therapeutics currently has a consensus rating of "Buy" and an average price target of $20.43.

Larimar Therapeutics Trading Up 8.3 %

The company's fifty day simple moving average is $7.31 and its 200 day simple moving average is $7.77. The stock has a market capitalization of $507.93 million, a P/E ratio of -6.98 and a beta of 0.98.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Equities research analysts predict that Larimar Therapeutics, Inc. will post -1.38 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Quarry LP lifted its holdings in shares of Larimar Therapeutics by 966.7% during the 2nd quarter. Quarry LP now owns 8,000 shares of the company's stock worth $58,000 after acquiring an additional 7,250 shares during the last quarter. Thoroughbred Financial Services LLC bought a new stake in shares of Larimar Therapeutics during the 2nd quarter worth $94,000. SG Americas Securities LLC bought a new stake in shares of Larimar Therapeutics during the 3rd quarter worth $94,000. EntryPoint Capital LLC bought a new stake in shares of Larimar Therapeutics during the 1st quarter worth $106,000. Finally, AQR Capital Management LLC bought a new stake in shares of Larimar Therapeutics during the 2nd quarter worth $113,000. 91.92% of the stock is owned by 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.