Larimar rises after William Blair upgrades rating to 'outperform'

Larimar Therapeutics

19/09/2022 12:41

** Larimar Therapeutics' shares  LRMR.O  rise 4.4% to $3.34
premarket after brokerage William Blair upgrades co's shares to
"outperform" from "market perform"
    ** Brokerage cites last week's news of FDA partially lifting
clinical hold on co's trial of drug to treat Friedreich's ataxia
(FA), a rare disease causing progressive nervous system damage
and movement problems  urn:newsml:reuters.com:*:nL4N30L2ES
    ** FDA's move eliminates uncertainty on release of data for
mid-stage trial of the drug, now expected in H2 2023 - brokerage
    ** Brokerage also cites co's funding in H2 2024 as reason
for upgrade, after a $70 million follow-on stock offering
announced last week  urn:newsml:reuters.com:*:nGNX4NxhxW
    ** All 3 brokerages covering LRMR rate the stock "buy" or
higher; their median PT is $16
    ** Up to Friday's close, stock had fallen 70% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))