Wedbush bullish on Larimar Therapeutics, initiates with an Outperform

As previously reported, Wedbush analyst Laura Chico initiated coverage of Larimar Therapeutics with an Outperform rating and $22 price target With nomlabofusp’s recent nomination to FDA’s START pilot program, the firm thinks this creates an attractive opportunity to launch coverage. Nomlabofusp is being developed for the treatment of Friedreich’s ataxia and while this represents a challenging neurological disorder to tackle, early data suggests the frataxin replacement therapy is doing just that in FA patients, Wedbush notes. The firm sees Larimar positioning to be one of the first FA treatments that can address the underlying disease defect. Wedbush assumes an accelerated market path with nomlabofusp market entry by FY27, and FY31 revenue reaching $1,502M.