Fred Alger Management LLC Sells 146,906 Shares of Larimar Therapeutics, Inc. (NASDAQ:LRMR)

Fred Alger Management LLC reduced its position in Larimar Therapeutics, Inc. (NASDAQ:LRMR) by 15.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 786,588 shares of the company’s stock after selling 146,906 shares during the quarter. Fred Alger Management LLC owned approximately 1.23% of Larimar Therapeutics worth $5,152,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP increased its stake in 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 purchasing an additional 7,250 shares in the last quarter. Quest Partners LLC lifted its stake in shares of Larimar Therapeutics by 171.1% in 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 in the last quarter. Intech Investment Management LLC acquired a new position in shares of Larimar Therapeutics during the third quarter valued at about $85,000. Thoroughbred Financial Services LLC bought a new stake in shares of Larimar Therapeutics during the second quarter worth about $94,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Larimar Therapeutics in the 3rd quarter worth about $94,000. 91.92% of the stock is owned by institutional investors.

Larimar Therapeutics Stock Performance

Shares of Larimar Therapeutics stock opened at $6.33 on Friday. Larimar Therapeutics, Inc. has a 52-week low of $3.27 and a 52-week high of $13.68. The stock’s 50-day simple moving average is $7.20 and its 200 day simple moving average is $7.82.

Larimar Therapeutics (NASDAQ:LRMR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.13. During the same quarter in the prior year, the firm posted ($0.21) EPS. On average, sell-side analysts predict that Larimar Therapeutics, Inc. will post -1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wedbush started coverage on Larimar Therapeutics in a research report on Thursday, October 3rd. They set an “outperform” rating and a $22.00 target price on the stock. Baird R W upgraded shares of Larimar Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Oppenheimer assumed coverage on shares of Larimar Therapeutics in a research report on Wednesday, October 16th. They issued an “outperform” rating and a $26.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Larimar Therapeutics in a research report on Tuesday, November 19th. Finally, Robert W. Baird began coverage on Larimar Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $16.00 target price for the company. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $20.43.

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