Larimar Therapeutics (NASDAQ:LRMR) Trading Down 8.1% – Here’s Why

Larimar Therapeutics, Inc. (NASDAQ:LRMR)’s share price dropped 8.1% during mid-day trading on Wednesday . The company traded as low as $8.30 and last traded at $8.31. Approximately 455,966 shares changed hands during trading, a decline of 21% from the average daily volume of 578,798 shares. The stock had previously closed at $9.04.

Wall Street Analyst Weigh In

A number of analysts have commented on LRMR shares. Wedbush initiated coverage on shares of Larimar Therapeutics in a report on Thursday, October 3rd. They set an “outperform” rating and a $22.00 target price for the company. Robert W. Baird started coverage on Larimar Therapeutics in a research note on Wednesday, September 4th. They set an “outperform” rating and a $16.00 price objective for the company. Baird R W raised shares of Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Oppenheimer started coverage on shares of Larimar Therapeutics in a research report on Wednesday, October 16th. They issued an “outperform” rating and a $26.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and set a $15.00 price objective on shares of Larimar Therapeutics in a research report on Thursday, October 31st. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. 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 Price Performance

The firm’s 50-day moving average is $7.41 and its two-hundred day moving average is $7.92. The company has a market cap of $483.04 million, a P/E ratio of -6.58 and a beta of 0.95.

Larimar Therapeutics (NASDAQ:LRMR) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.13. During the same period in the prior year, the firm earned ($0.21) EPS. As a group, sell-side analysts expect that Larimar Therapeutics, Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LRMR. Quest Partners LLC raised its stake in shares of Larimar Therapeutics by 171.1% during the third quarter. Quest Partners LLC now owns 9,183 shares of the company’s stock valued at $60,000 after acquiring an additional 5,796 shares in the last quarter. Quarry LP raised its position in 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 purchasing an additional 7,250 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Larimar Therapeutics in the 3rd quarter worth $85,000. Thoroughbred Financial Services LLC bought a new position in shares of Larimar Therapeutics during the 2nd quarter worth $94,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Larimar Therapeutics during the first quarter valued at $106,000. 91.92% of the stock is currently owned by institutional investors.

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.