Larimar Therapeutics (NASDAQ:LRMR) Shares Gap Up – Time to Buy?

Larimar Therapeutics, Inc. (NASDAQ:LRMR) 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 changing hands.

Wall Street Analysts Forecast Growth

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

Larimar Therapeutics Stock Up 1.8 %

The firm has a market cap of $500.91 million, a PE ratio of -7.01 and a beta of 0.98. The company has a 50-day simple moving average of $7.31 and a two-hundred day simple moving average of $7.76.

Larimar Therapeutics (NASDAQ:LRMR) last posted its quarterly earnings data 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). As a group, equities analysts predict that Larimar Therapeutics, Inc. will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Larimar Therapeutics

Several institutional investors have recently bought and sold shares of LRMR. Quarry LP raised its stake in shares of Larimar Therapeutics by 966.7% in the second 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. Thoroughbred Financial Services LLC purchased a new stake in Larimar Therapeutics in the 2nd quarter worth about $94,000. SG Americas Securities LLC bought a new stake in Larimar Therapeutics in the 3rd quarter valued at about $94,000. EntryPoint Capital LLC purchased a new stake in Larimar Therapeutics during the first quarter valued at about $106,000. Finally, AQR Capital Management LLC bought a new position in Larimar Therapeutics during the second quarter worth about $113,000. Hedge funds and other institutional investors 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.