Larimar Therapeutics (NASDAQ:LRMR) Upgraded at Citigroup

Citigroup upgraded shares of Larimar Therapeutics (NASDAQ:LRMR) from a neutral rating to a buy rating in a research report released on Friday morning, MarketBeat.com reports. Citigroup currently has $4.50 price objective on the stock.

Several other research firms have also commented on LRMR. JMP Securities reissued a market outperform rating and issued a $17.00 price objective on shares of Larimar Therapeutics in a research note on Tuesday, August 15th. William Blair reiterated an outperform rating on shares of Larimar Therapeutics in a research note on Tuesday, August 15th.

Larimar Therapeutics Stock Performance

NASDAQ LRMR opened at $3.14 on Friday. The firm has a 50 day simple moving average of $3.34 and a 200-day simple moving average of $3.58. Larimar Therapeutics has a one year low of $2.18 and a one year high of $6.85. The firm has a market cap of $137.86 million, a price-to-earnings ratio of -4.13 and a beta of 0.46.

Institutional Trading of Larimar Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CHI Advisors LLC raised its holdings in Larimar Therapeutics by 24.3% during the second quarter. CHI Advisors LLC now owns 3,414,468 shares of the company’s stock worth $10,687,000 after purchasing an additional 668,203 shares in the last quarter. BlackRock Inc. raised its holdings in Larimar Therapeutics by 345.1% during the second quarter. BlackRock Inc. now owns 1,438,283 shares of the company’s stock worth $4,502,000 after purchasing an additional 1,115,152 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Larimar Therapeutics by 80.6% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,176,680 shares of the company’s stock worth $4,648,000 after purchasing an additional 525,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Larimar Therapeutics by 86.8% in the 3rd quarter. Vanguard Group Inc. now owns 954,760 shares of the company’s stock valued at $3,055,000 after acquiring an additional 443,678 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in shares of Larimar Therapeutics by 84.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 839,000 shares of the company’s stock valued at $2,626,000 after acquiring an additional 384,000 shares during the period. Institutional investors and hedge funds own 91.92% of the company’s stock.

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 clinical trial for the treatment of Friedreich's ataxia, a rare, progressive, and fatal genetic disease.