Shares of clinical-stage biotechnology company Larimar Therapeutics (NASDAQ:LRMR) are moving northward today after JMP Securities’ Jonathan Wolleben reiterated a Buy rating on the stock alongside a $16 price target today.
Is LRMR Stock Worth Buying?
This price target implies a massive 389.30% potential upside for the stock. Overall, the Street has a Strong Buy consensus rating for Larimar.
Last week the company closed an underwritten offering of ~25.56 million shares at $3.15 apiece for total gross proceeds of $80.5 million.
Larimar will also begin a study of its lead candidate CTI-160 after the U.S. Food and Drug Administration (FDA) lifted a clinical hold on its development.
The drug will be evaluated for the treatment of Friedreich’s ataxia and topline data is anticipated in the second half of next year.
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