Larimar Therapeutics Inc. [NASDAQ: LRMR] gained 15.56% or 0.49 points to close at $3.64 with a heavy trading volume of 3508693 shares. The company report on September 14, 2022 that Larimar Therapeutics Announces $70 Million Underwritten Offering.
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Larimar Therapeutics, Inc. (“Larimar” or the “Company”) (Nasdaq: LRMR), a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, today announced the pricing of an underwritten offering of 22,225,000 shares of common stock. The shares are being sold at an offering price of $3.15 per share, which is equal to the closing price on Nasdaq for Larimar’s common stock on September 13, 2022. The gross proceeds to Larimar, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $70.0 million. The offering is expected to close on or about September 16, 2022, subject to customary closing conditions. Larimar has granted the underwriters a 30-day overallotment option to purchase up to 3,333,750 additional shares of common stock at the offering price, less underwriting discounts and commissions.
Deerfield Management and other notable life science investors participated in the offering.
It opened the trading session at $3.06, the shares rose to $3.70 and dropped to $2.94, the range by which the price of stock traded the whole day. The daily chart for LRMR points out that the company has recorded -13.33% loss over the past six months. However, it is still -137.91% lower than its most recent low trading price.
If we look at the average trading volume of 229.41K shares, LRMR reached to a volume of 3508693 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Larimar Therapeutics Inc. [LRMR]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for LRMR shares is $10.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on LRMR stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
William Blair have made an estimate for Larimar Therapeutics Inc. shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on February 15, 2022. While these analysts kept the previous recommendation, JMP Securities raised their target price to Mkt Outperform. The new note on the price target was released on February 10, 2021, representing the official price target for Larimar Therapeutics Inc. stock. Previously, the target price had yet another raise to $29, while William Blair analysts kept a Outperform rating on LRMR stock.
The Average True Range (ATR) for Larimar Therapeutics Inc. is set at 0.37 The Price to Book ratio for the last quarter was 1.33, with the Price to Cash per share for the same quarter was set at 3.19.
Trading performance analysis for LRMR stock
Larimar Therapeutics Inc. [LRMR] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 27.27. With this latest performance, LRMR shares gained by 46.18% in over the last four-week period, additionally sinking by -13.33% over the last 6 months – not to mention a drop of -72.13% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for LRMR stock in for the last two-week period is set at 68.42, with the RSI for the last a single of trading hit 70.80, and the three-weeks RSI is set at 66.08 for Larimar Therapeutics Inc. [LRMR]. The present Moving Average for the last 50 days of trading for this stock 2.33, while it was recorded at 3.30 for the last single week of trading, and 4.74 for the last 200 days.
Larimar Therapeutics Inc. [LRMR]: A deeper dive into fundamental analysis
Return on Equity for this stock declined to -65.72, with Return on Assets sitting at -55.23.
Larimar Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.40 and a Current Ratio set at 7.40.
An analysis of insider ownership at Larimar Therapeutics Inc. [LRMR]
There are presently around $53 million, or 85.20% of LRMR stock, in the hands of institutional investors. The top three institutional holders of LRMR stocks are: DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) with ownership of 5,830,249, which is approximately 0% of the company’s market cap and around 1.81% of the total institutional ownership; CHI ADVISORS LLC, holding 1,515,148 shares of the stock with an approximate value of $5.51 million in LRMR stocks shares; and RA CAPITAL MANAGEMENT, L.P., currently with $3.75 million in LRMR stock with ownership of nearly -19.532% of the company’s market capitalization.
Positions in Larimar Therapeutics Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 6 institutional holders increased their position in Larimar Therapeutics Inc. [NASDAQ:LRMR] by around 67,903 shares. Additionally, 20 investors decreased positions by around 931,608 shares, while 21 investors held positions by with 13,424,128 shares. The mentioned changes placed institutional holdings at 14,423,639 shares, according to the latest SEC report filing. LRMR stock had 1 new institutional investments in for a total of 78 shares, while 6 institutional investors sold positions of 204,382 shares during the same period.