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Investing.com - Larimar Therapeutics (NASDAQ:LRMR), currently trading at $4.25, maintained its Buy rating and $18.00 price target from Truist Securities in a research note released Thursday. According to InvestingPro data, analyst price targets range from $10 to $40, with a strong consensus Buy recommendation.
Truist noted that Larimar remains on track to share data from its 50mg open-label extension (OLE) study in September, which will include safety and skin FXN measurements from 30-40 patients who received at least one dose of nomlafushi (nomla). The company maintains a Fair financial health rating according to InvestingPro analysis, with notably strong liquidity metrics.
The company has secured alignment with both FDA and EMA on a global confirmatory trial design scheduled to begin later in 2025, with mFARS serving as the endpoint, according to the research note.
Larimar has transitioned OLE dosing to lyophilized nomla, data for which was submitted to the FDA without regulatory pushback, and has expanded enrollment to include adolescents from the PK run-in study and adults not previously enrolled in nomla studies.
The research firm highlighted that Larimar’s recent financing extends its cash runway to the fourth quarter of 2026, removing near-term financing concerns, while the company’s Biologics License Application (BLA) remains on schedule for the second quarter of 2026.
In other recent news, Larimar Therapeutics has completed a public offering, raising $69 million through the sale of 21,562,500 shares of common stock at $3.20 per share. This includes the full exercise of the underwriters’ option to purchase additional shares. The company now has a pro forma cash position of approximately $185 million, which is expected to extend its financial runway into the fourth quarter of 2026. Despite the successful offering, Jones Trading lowered its price target for Larimar Therapeutics to $10 from $12, citing dilution from the recent public offering as the primary reason. However, the firm maintained a Buy rating on the stock. Meanwhile, Guggenheim reiterated its Buy rating and set a $26 price target, highlighting the upcoming presentation of initial open-label extension data in September 2025. This data will include safety and clinical outcomes from 30-40 participants. Larimar Therapeutics continues to advance its clinical programs, with all patients transitioning to a higher dose in November 2024.
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