Bank of New York Mellon Corp Raises Holdings in Larimar Therapeutics, Inc. (NASDAQ:LRMR)

Bank of New York Mellon Corp grew its stake in shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR) by 57.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,877 shares of the company’s stock after acquiring an additional 49,102 shares during the quarter. Bank of New York Mellon Corp owned about 0.21% of Larimar Therapeutics worth $978,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Larimar Therapeutics by 62.7% during the 1st quarter. Vanguard Group Inc. now owns 2,367,701 shares of the company’s stock valued at $17,971,000 after purchasing an additional 912,458 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Larimar Therapeutics in the 1st quarter valued at $106,000. Janus Henderson Group PLC raised its stake in Larimar Therapeutics by 52.2% in the 1st quarter. Janus Henderson Group PLC now owns 4,020,965 shares of the company’s stock worth $30,459,000 after acquiring an additional 1,379,900 shares during the last quarter. RA Capital Management L.P. purchased a new position in Larimar Therapeutics in the 1st quarter worth $45,884,000. Finally, Virtu Financial LLC acquired a new stake in Larimar Therapeutics during the 1st quarter worth about $133,000. 91.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LRMR. Robert W. Baird began coverage on Larimar Therapeutics in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $16.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Larimar Therapeutics in a research report on Friday, May 31st. Finally, Baird R W raised shares of Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Larimar Therapeutics Stock Down 1.0 %

Shares of LRMR opened at $7.07 on Friday. The stock’s 50-day moving average price is $8.12 and its 200-day moving average price is $8.00. The company has a market capitalization of $451.08 million, a price-to-earnings ratio of -7.29 and a beta of 0.99. Larimar Therapeutics, Inc. has a 52 week low of $2.18 and a 52 week high of $13.68.

Larimar Therapeutics (NASDAQ:LRMR) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02). As a group, equities analysts anticipate that Larimar Therapeutics, Inc. will post -1.4 EPS for the current fiscal 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.