Short Interest in Larimar Therapeutics, Inc. (NASDAQ:LRMR) Decreases By 26.7%

Larimar Therapeutics, Inc. (NASDAQ:LRMR) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,720,000 shares, a drop of 26.7% from the October 15th total of 3,710,000 shares. Based on an average trading volume of 642,600 shares, the days-to-cover ratio is currently 4.2 days.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on LRMR shares. Oppenheimer started coverage on Larimar Therapeutics in a research note on Wednesday, October 16th. They set an “outperform” rating and a $26.00 price target on the stock. Robert W. Baird began coverage on Larimar Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $16.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $15.00 price objective on shares of Larimar Therapeutics in a research note on Thursday, October 31st. Wedbush began 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. Finally, Baird R W upgraded Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Larimar Therapeutics presently has an average rating of “Buy” and an average price target of $20.43.

Institutional Investors Weigh In On Larimar Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of LRMR. Quarry LP boosted its holdings 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 acquiring an additional 7,250 shares in the last quarter. Quest Partners LLC raised its position 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 buying an additional 5,796 shares during the last quarter. Intech Investment Management LLC bought a new position in Larimar Therapeutics during the third quarter worth about $85,000. Thoroughbred Financial Services LLC bought a new position in shares of Larimar Therapeutics in the second quarter valued at about $94,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Larimar Therapeutics during the 1st quarter worth approximately $106,000. 91.92% of the stock is currently owned by hedge funds and other institutional investors.

Larimar Therapeutics Stock Performance

Larimar Therapeutics stock traded down $0.37 during midday trading on Thursday, hitting $7.57. 487,870 shares of the company were exchanged, compared to its average volume of 580,616. The business has a fifty day simple moving average of $7.43 and a two-hundred day simple moving average of $7.92. The firm has a market capitalization of $483.04 million, a PE ratio of -6.90 and a beta of 0.95. Larimar Therapeutics has a fifty-two week low of $2.49 and a fifty-two week high of $13.68.

Larimar Therapeutics (NASDAQ:LRMR) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.13. During the same period last year, the business posted ($0.21) EPS. As a group, equities analysts expect that Larimar Therapeutics will post -1.16 earnings per share for the current year.

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.