HomeNewsLRMR) Director Makes an Enormous Purchase – TipRanks Financial Blog

LRMR) Director Makes an Enormous Purchase – TipRanks Financial Blog

One of Larimar Therapeutics’ (NASDAQ:LRMR) directors and more-than-10% owners, James E. Flynn, disclosed an enormous purchase of the company’s shares, worth about $37.5 million. LRMR is a clinical-stage biotechnology company focused on developing treatments for rare diseases. The stock was down 2.7% on Friday’s extended trading session.

As per the SEC filing, Flynn bought 4,290,617 shares of LRMR on February 16 at an average price of $8.74 per share. After the latest purchase, the total value of its holdings in LRMR now stands at about $271.34 million.

Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

LRMR’s Secondary Offering of Common Stock

It is worth mentioning that the insider bought shares as part of the company’s underwritten offering, which comprised 17 million shares. LRMR plans to use the net proceeds of $161.8 million to support the development of nomlabofusp (CTI-1601) and other pipeline candidates.

CTI-1601 is a protein replacement therapy designed to deliver frataxin protein to the cells of people with Friedreich’s ataxia, a type of nerve disorder.

What Is the Price Target for Larimar?

Analysts have a Strong Buy consensus rating on LRMR stock based on three unanimous Buys assigned in the past three months. The average price target of $20 per share implies 56.5% upside potential. The stock has gained an impressive 307% in the past three months.

Supporting the bull case, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 86,500 shares of LRMR. Overall, Larimar stock carries a “Perfect 10” Smart Score on TipRanks. These stocks have historically outperformed the S&P 500 Index (SPX) by a wide margin.




Please enter your comment!
Please enter your name here

Most Popular

Recent Comments