Larimar Therapeutics (NASDAQ:LRMR) Lifted to Strong-Buy at Baird R W

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) was upgraded by Baird R W to a "strong-buy" rating in a research report issued on Wednesday, Zacks.com reports.

A number of other brokerages have also recently commented on LRMR. Citigroup increased their target price on Larimar Therapeutics from $10.00 to $14.00 and gave the company a "buy" rating in a report on Wednesday, May 22nd. JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of Larimar Therapeutics in a research report on Friday, May 31st. Finally, Robert W. Baird initiated coverage on shares of Larimar Therapeutics in a report on Wednesday. They issued an "outperform" rating and a $16.00 target price on the stock. Six 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, Larimar Therapeutics has a consensus rating of "Buy" and a consensus price target of $20.00.

Larimar Therapeutics Trading Up 14.5 %

Shares of LRMR stock traded up $1.13 during mid-day trading on Wednesday, reaching $8.90. The stock had a trading volume of 1,225,527 shares, compared to its average volume of 529,857. Larimar Therapeutics has a 12-month low of $2.18 and a 12-month high of $13.68. The business has a 50-day simple moving average of $8.37 and a 200 day simple moving average of $8.38. The company has a market cap of $567.91 million, a P/E ratio of -9.18 and a beta of 0.99.

Larimar Therapeutics (NASDAQ:LRMR - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.02). Research analysts anticipate that Larimar Therapeutics will post -1.4 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. grew its holdings in Larimar Therapeutics by 37.7% in the second quarter. Point72 Asset Management L.P. now owns 603,581 shares of the company's stock valued at $4,376,000 after purchasing an additional 165,181 shares during the period. Quarry LP grew its stake in shares of Larimar Therapeutics by 966.7% during the 2nd quarter. Quarry LP now owns 8,000 shares of the company's stock valued at $58,000 after buying an additional 7,250 shares during the period. Driehaus Capital Management LLC increased its holdings in shares of Larimar Therapeutics by 20.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,314,106 shares of the company's stock worth $9,527,000 after buying an additional 225,879 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Larimar Therapeutics in the 2nd quarter worth $120,000. Finally, Millennium Management LLC boosted its holdings 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 last quarter. Institutional investors and hedge funds 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.