NEW YORK – Citigroup has revised its stance on Larimar Therapeutics (NASDAQ: LRMR), upgrading the stock from Neutral to Buy, with a price target suggesting an impressive 284% potential upside. This optimistic outlook follows a notable increase in institutional investment in the biotech firm, which is currently engaged in developing treatments for Friedreich’s ataxia (FA).
Institutional investors have significantly bolstered their positions in Larimar Therapeutics, now holding over 38 million shares across 154 funds. This marks a substantial rise in both the number of shares held and the diversity of institutional backers. Among these, investment firms such as Deerfield Management and CHI Advisors are prominent shareholders, with stakes of 39% and 8% respectively.
Moreover, Verition Fund Management has recently augmented its investment by 6%, showcasing confidence in Larimar’s prospects. Similarly, Janus Henderson Group (NYSE:) increased their shareholding by 41%, despite a reduction in their overall portfolio allocation to Larimar by nearly 20%. Citadel Advisors also made adjustments, cutting their stake by 20% but raising their portfolio allocation to the…
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